By Sarah Wood
Is it possible for an alternative asset manager to capture the
benefits of an initial public offering without selling its
super-secretive and entrepreneurial soul or becoming
saddled with onerous regulations?
Goldman Sachs and Oaktree Capital Management are well on
their way to proving that it is through the private and
hitherto illiquid 144A market.
Oaktree founders Howard Marks and Bruce Karsh acknowledged
in an offering memorandum distributed before the $42 billion
distressed debt specialists landmark 144A offering last
month that doing the deal in lieu an IPO might cost it the
chance to reap the greatest possible proceeds.
But in the end, Los Angeles-based Oaktree left little, if
anything, on the table.
Goldman, which was offering investors both a diversified,
blue-chip client and, for the first time, a long-planned,
first-of-its kind trading platform for 144A securities, fielded
more interest in the deal...