Angelo Gordon & Co. LP  has established a new middle-market direct-lending business with the hiring of Trevor Clark and Chris Williams as managing directors. Prior to joining the New York asset manager, Clark and Williams co-founded and built the direct-lending business at Madison Capital Funding LLC, a subsidiary of New York Life Insurance Co.

The new Chicago-based team expects to launch the business in the first quarter of 2015 and will focus on loans to companies with Ebitda between $3 million and $50 million. The team will collaborate with Angelo Gordon’s corporate credit team.

"We are excited to welcome Chris and Trevor to our firm and believe the current opportunity to help close the funding gap for middle-market companies is substantial," says Angelo Gordon co-founder Michael Gordon. 

"They have a depth of expertise, and a reputation in the industry, that is truly impressive," adds co-founder John Angelo.

Madison Capital won Mergers & Acquisitions’ M&A Mid-Market Award for Lender of the Year for 2012, when Clark was CEO of the Chicago firm. 

In September, 2013, Clark and Williams were dismissed by New York Life for “violating company policies pertaining to personal investments and personal business activities,” according to the life insurer. New York Life named Hugh Wade as CEO of Madison Capital Funding. Also a co-founder, Wade served previously as a senior managing director. 

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