Barry Friedberg, CEO and President of FriedbergMilstein LLC, an independent alternative investment management firm, announced the closing of FM Leveraged Capital Fund I. The fund closed at $384 million and is structured as a collateralized debt obligation (CDO).
The investment mandate of the fund is primarily focused on first lien senior loans and includes second lien loans with an allocation for mezzanine debt. FriedbergMilstein focuses on investments in middle market companies to support growth, buyouts, acquisitions and recapitalizations.
“We continue to have the support of institutional and high net worth investors, reflected by the growth in our assets under management to over $1.0 billion,” said Friedberg. He added that the fund closed with $180 million in investments from private equity firms, financial intermediaries and senior debt providers.
The FriedbergMilstein fund began in February 2003 by Barry Friedberg and Howard Milstein as an alternative investment management firm that focuses on credit strategies and private equity, through direct private investments.