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.

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