The Credit Crunch 02/07/23
Your weekly summary of Private Credit Fundraising
Gaw Capital Partners, a Hong Kong-based private equity fund, closed its seventh $3 billion Asia Pacific real estate fund. The fund focuses on real estate opportunities including office, retail, hospitality, industrial, IDC and life science properties. It has made several investments to date including the Hyatt Regency Hotel in Tokyo, data centers, logistics warehouses, as well as an outlet mall in Guangzhou and a life science park in Shanghai. Investors in Fund VII include sovereign wealth funds, endowments, pension funds and other top-tier institutional investors. More here
Whitehorse Liquidity Partners, a Toronto-based private equity fund, is reportedly closing its fifth $5 billion Flagship fund. The fund provides structured liquidity solutions to alternative asset funds and their LPs. These include preferred equity for LPs, fund-level liquidity for GPs and liquidity for GPs management companies. Since inception, Whitehorse has raised over US$12 billion in commitments and has deployed over US$17 billion across nearly 200 transactions. More here and here
Medalist Partners, a New York-based investment manager, closed its $600 million Asset-Based Private Credit Fund III. The fund lends against hard and financial assets with collateral including commercial equipment, autos, receivables, litigation finance, consumer loans, aircraft, commercial and residential real estate. The fund typically invests between $5 million to $30 million per transaction and has already committed 55% of the capital. The fund is nearly double the size of its predecessor. More here
Muzinich, a New York-based asset manager, closed its first $500 million Asian Pacific fund. The fund lends to lower middle market companies with EBITDA of $3 million to $30 million. It expects a return in the low to mid-teens. The fund has already committed 40% of the capital across 8 deals, located in Australia, India, and Hong Kong. Institutional investors contributed 80% of the money with the remainder coming from family offices. More here
Velo Capital, a Denmark-based asset manager, announced a first close of $148 million for its Mezzanine Credit Fund. The fund will provide subordinated loans against developments, refurbishments and standing assets, with a focus on Germany and the Nordics. It plans to raise $654 million and is targeting a 10% net internal rate of return. More here