Wayfair is the largest pure-play ecommerce company addressing the $300 billion furniture and home goods market in the United States. Through technology and innovation, Wayfair strives to offer the ultimate home goods shopping experience, with excellent customer service, attractive pricing and a selection of more than 18 million items across home furnishings, décor, home improvement, housewares and more. Founded in Boston in 2002, the company operates primarily through its website, Wayfair.com. Its family of sites also includes Joss & Main, AllModern, Birch Lane and Perigold. Trading publicly on the New York Stock Exchange since its 2014 IPO, the company serves customers in the US, Canada, the UK and Germany.
In April 2020, we co-led, alongside Great Hill Partners, a $535 million tranche of convertible notes of Wayfair. The notes are debt obligations of Wayfair but are convertible into common stock. We believe this financing combines downside protection with an attractive entry point into the equity upside of this market-leading business in a sector with powerful long-term tailwinds. The investment opportunity was precipitated by the recent market dislocation, as Wayfair sought to further strengthen its balance sheet and optimize its liquidity position. Our investment will enable Wayfair to continue meeting the strong demand of its customers from a position of operational and financial strength. We were invited to participate in discussions to provide this capital as a result of our strong relationship with the senior management team and our prior experience investing in direct-to-consumer businesses.