FS Investments Closes First Opportunistic Credit Fund 

Alternative assets manager FS Investments has hit a final close for its opportunistic credit-focused Tactical Opportunities Fund. 

The fund looks to generate off-market yield and returns compared with traditional credit asset classes and is managed by the same liquid credit and special situations team, which currently has about $2.1 billion under management. 

FS said the new fund had called about half of its capital commitments to date to invest in 21 companies. 

“In an uncertain and volatile market, we believe FS Tactical Opportunities Fund is well positioned to outperform given the highly structured and idiosyncratic nature of its private investments and its ability to opportunistically purchase secondary investments during dislocations, which translates into less dependence on the economic cycle,” said Andrew Beckman, head of liquid credit and special situations at FS. 

Philadelphia-based FS Investments currently has about $35 billion in assets under management. The firm launched as Franklin Square Capital Partners in 2007. 

In February, FS Investments merged with middle-market private asset specialist Portfolio Advisors to create a $73 billion firm that will invest across alternative asset classes and strategies, including private equity, private and liquid credit, private real estate and liquid alternatives.