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Paging Lazard: Aladdin Capital For All Your DIP Needs
Realizing there is an unmet need for DIP and rescue financing as well as for more oddly named hedge funds, Aladdin Capital has recently launched a Debtor-In-Possession only fund. The Stamford fund, which claims to be avoiding the current Treasury bubble, yet which in January sacked virtually all people in its structured bond business (CLO and Loan obligation desk), likely the biggest bubble over the past decade, hopes to be on the leading edge of the next bubble, this one in super senior bankruptcy lending. The logic goes that as nobody, not even Goldman is willing to let the L+1000 DIP Genie loose, this should make for a terrific niche. Of course the logic does ignore the fact that even with DIPs, most bankruptcies will imminently lead to liquidations (how many Sharper Image massage chairs does one honestly need).
"This provides a tremendous opportunity to capture meaningful market share. The
DIP fund will participate, structure and lend directly into both large-cap and
mid-cap facilities."
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