Principal Asset Administration’s direct lending enterprise Principal Various Credit score has handed $3bn (£2.44bn) in borrower commitments following a record-breaking 12 months.
Principal Various Credit score reported greater than $925m in new deal quantity, marking the platform’s most profitable 12 months since its inception in 2020.
“Surpassing $3bn in borrower commitments and reaching report deal quantity for 2024 displays not solely the power of our platform and group but in addition the rising investor demand for direct lending publicity within the decrease and core center market,” mentioned Tim Warrick, managing director and group head at Principal Asset Administration.
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“As direct lending continues to realize traction amid strong deal exercise, we’re uniquely positioned to fulfill the wants of debtors looking for versatile and dependable capital options.”
Principal Various Credit score specialises in privately-negotiated debt transactions for each sponsor-backed and non-sponsored decrease and core middle-market corporations all through North America.
Learn extra: Principal launches middle-market direct lending fund
Its typical facility sizes vary from $25m to $500m, with maintain sizes starting from $20m to $75m. It primarily works with debtors with $5m or extra in EBITDA.
The corporate’s group specialize in quite a lot of sectors together with healthcare, know-how/software program, enterprise/monetary companies, industrials, shopper merchandise/companies and extra.
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