Norwest Equity invests $75 million in Pangaea Asset Management

By Susanna Moon

Chicago, March 18 - Norwest Equity Partners said it invested $75 million in Pangaea Asset Management.

Pangaea manages leveraged loan investments with a significant allocation to middle market loans, according to a press release.

"Through a combination of broad market access, strict credit discipline, portfolio diversification and an investment partner like [Norwest Equity], Pangaea is well-positioned to continue generating attractive investment returns across our managed portfolios," Barry Shear, Pangaea senior managing director and president, said in the release.

Since Norwest's initial investment in Pangaea last fall, the company said it has entered into two add-on acquisition agreements with 250 Capital, LLC, an affiliate of Merrill Lynch & Co., and CapitalSource Advisors LLC.

Pangaea was founded in 2007 by a group of seasoned leveraged finance professionals from Antares Capital Corp. and Antares Asset Management, including Barry Shear, David Schmuck and Mike King.

The Pangaea team has significant experience working together both in the leveraged loan and structured credit market, as well as a track record of successfully managing investments across a variety of industries and market cycles, according to the release.

Collectively over the past eight years, Pangaea's principals have successfully managed leveraged loan collateral across seven different collateralized debt obligation deals and three separate account arrangements.

With significant experience in the origination and structuring of syndicated senior secured credit facilities, the Pangaea team has a strong base of experience that provides the firm with broad access to attractive loan collateral via strong relationships with both agent banks and private equity sponsors, the company said.

Norwest Equity is a private equity firm based in Minneapolis. Pangaea is a Chicago-based specialized asset management firm.

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