PineBridge raises $1.7bn for third direct lending fund

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PineBridge Investments has closed its third direct lending fund with an oversubscribed increase of $1.7bn (£1.35bn).

The ‘PineBridge Personal Credit score III’ is a part of the asset supervisor’s lower-middle-market direct lending technique.

The newest shut – which surpassed its goal measurement of $1bn – brings the agency’s whole non-public credit score platform to $5bn.

Learn extra: Might price cuts be welcomed by non-public credit score managers?

The brand new fund will give attention to making instantly originated senior secured loans to US-based, sponsor-backed lower-middle-market firms, largely within the enterprise providers, client, healthcare, and specialty manufacturing sectors.

Loans are sometimes supplied to firms with core earnings starting from $7.5m to $30m.

Learn extra: Personal debt market to develop to $2.8trn as variety of funds hits document excessive

PineBridge’s non-public credit score group has dedicated $4.5bn of capital to 79 portfolio firms thus far.

“We’re very excited to have our Personal Credit score III fundraise cross the end line oversubscribed, hitting $1.7bn,” mentioned Jim Fisher, head of personal credit score at PineBridge.

“This degree marks a watershed second for our platform’s development with subscriptions landed from traders throughout areas and channels, led by insurance coverage.

“We’ve had robust help for Fund III proper from the very begin, a testomony to the energy of our enterprise and veteran group. With Fund III within the books, we are able to push ahead with important capital to construct our enterprise and fortify our management within the decrease center market.”

Learn extra: BlackRock exec forecasts “important shift” in direction of non-public markets



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