Key Takeaways
- • Marathon Asset Management announced the final close of its global opportunistic credit strategy, MDCF II, with $2.7 billion in commitments, including affiliated and co-investment vehicles.
- • Predecessor fund MDCF I, closed in 2020, has delivered a top quartile DPI of 65% to date, according to the firm.
- • MDCF II targets superior risk-adjusted returns across market cycles through direct origination of private capital and flexible partnership capital for management teams, sponsors and founders.
- • The fund will invest across private and public credit in the U.S. and Europe, led by CIO Louis Hanover and an Investment Committee that includes CEO Bruce Richards.
- • Marathon, with over $23 billion in assets under management and nearly 200 professionals, is a Registered Investment Adviser with the SEC.
Summary
Marathon Asset Management, L.P. has announced the final close of MDCF II, its global opportunistic credit strategy, with $2.7 billion in commitments, including affiliated and co-investment vehicles, according to a Business Wire press release dated March 20, 2025. The firm describes itself as a leading global asset manager specializing in public and private credit.
The release positions MDCF II as a continuation of Marathon's track record in opportunistic credit. The fund's stated objective is to deliver superior risk-adjusted returns at all points in the cycle by navigating volatility and creating solutions for companies in both private and public credit markets. Its focus is direct origination of private capital opportunities, providing flexible partnership capital aligned with the financing needs of management teams, private equity sponsors and founders.
Marathon cited its predecessor, MDCF I, which closed in 2020 and continues to monetize assets, delivering a top quartile DPI of 65% to date. Bruce Richards, Chairman and CEO, said the firm was grateful for investor trust and that the fund would allow Marathon to pursue growth capital and more complex situations across the global credit landscape. Louis Hanover, Co-Founder and Chief Investment Officer, said MDCF II is positioned to capture value across private and public markets in the U.S. and Europe.
The MDCF series and opportunistic credit program are led by Hanover, along with Jeff Jacob (Partner), Randy Raisman (Head of U.S. Investments) and Alex Howell (Head of European Investments). These individuals serve as voting members of the Investment Committee alongside Richards, Jamie Raboy and Curt Lueker. Founded in 1998, Marathon manages over $23 billion in assets across direct lending, asset-based lending, opportunistic credit and multi-asset public credit, and employs nearly 200 professionals, including nine Partners, across New York, London, Miami, Los Angeles and Luxembourg.
The release positions MDCF II as a continuation of Marathon's track record in opportunistic credit. The fund's stated objective is to deliver superior risk-adjusted returns at all points in the cycle by navigating volatility and creating solutions for companies in both private and public credit markets. Its focus is direct origination of private capital opportunities, providing flexible partnership capital aligned with the financing needs of management teams, private equity sponsors and founders.
Marathon cited its predecessor, MDCF I, which closed in 2020 and continues to monetize assets, delivering a top quartile DPI of 65% to date. Bruce Richards, Chairman and CEO, said the firm was grateful for investor trust and that the fund would allow Marathon to pursue growth capital and more complex situations across the global credit landscape. Louis Hanover, Co-Founder and Chief Investment Officer, said MDCF II is positioned to capture value across private and public markets in the U.S. and Europe.
The MDCF series and opportunistic credit program are led by Hanover, along with Jeff Jacob (Partner), Randy Raisman (Head of U.S. Investments) and Alex Howell (Head of European Investments). These individuals serve as voting members of the Investment Committee alongside Richards, Jamie Raboy and Curt Lueker. Founded in 1998, Marathon manages over $23 billion in assets across direct lending, asset-based lending, opportunistic credit and multi-asset public credit, and employs nearly 200 professionals, including nine Partners, across New York, London, Miami, Los Angeles and Luxembourg.
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