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Ivy Hill purchases fund that invests in first- and second-lien loans
By Sara Rosenberg
New York, Jan. 7 - Ivy Hill Asset Management LP acquired Allied Capital Corp.'s interests in the Allied Capital Senior Debt Fund LP for roughly $33 million in cash and will manage the fund, according to a news release.
The fund, which has been renamed the Ivy Hill Senior Debt Fund LP, currently has about $294 million of committed capital invested primarily in first-lien loans and, to a lesser extent, second-lien loans of middle-market companies.
Ivy Hill Asset Management received an incremental investment from its sponsor Ares Capital Corp. in December to fund the transaction.
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