Deals
Oak Hill Has a $5 Billion War Chest for Underperforming Credit
- CEO says recession, downgrades could create buying opportunity
- Firm is among asset managers preparing for such situations
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Oak Hill Advisors is poised to pounce on the next downturn in credit markets with $5 billion in capital it can draw in 10 days or less, Chief Executive Officer Glenn August said.
The investment firm has built up funds and credit facilities that allow “pretty much overnight financing” for buying opportunities in situations including a recession or downgrades that spark sudden selling, August said in an interview with Bloomberg TV. The comments come amid credit-market turmoil that has prompted some money managers to say things could get worse.