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Angelo Gordon Boosts Latest Distressed Fund to $3.5 Billion

July 9, 2020, 7:14 PM

Angelo Gordon & Co. has amassed about $3.5 billion to deploy to virus-stricken businesses after a new round of fund raising.

The firm obtained $1.2 billion of fresh capital for the second iteration of a fund targeting discounted debt in corporate credit markets, according to people with knowledge of the situation. It has previously raised $1.8 billion for the original Angelo Gordon Credit Solutions Fund Annex Dislocation Fund, plus additional capital, said the people, who asked not be named discussing a private matter.

Credit investors have been building up distressed-debt funds for years in preparation for a downturn. The pandemic ...