The Credit Crunch 11/06/23
Your weekly summary of Private Credit Fundraising
HPS Investment Partners, a New York-based credit investment firm, announced the closing of its $10 billion Core Senior Lending Fund II. The fund directly lends floating rate, senior secured loans to well-established businesses in North America, Western Europe, Australia and New Zealand. The fund will invest in non-sponsored and sponsored borrowers. To date, the fund has committed approximately 57% of its capital across 54 investments. The fund is the second-largest direct lending fund closed this year, according to PitchBook data. More here
Ares, a Los Angeles-based alternative investment manager, announced a first close of $8.7 billion for its sixth European direct lending fund. The fund lends directly to mid-market and large-cap companies to support growth, acquisitions and refinancings. The team primarily focus on companies in defensive industries with high free cash flow. The fund is expected to be the largest direct lending fund in Europe with a $11.2 billion target. More here
Energy Capital Partners, a New Jersey-based investment manager, announced the launch of its $2.5 billion sustainable credit platform, ECP ForeStar. The fund will lend to companies supporting climate transition, decarbonization and sustainable solutions. The fund will focus on opportunities with high intrinsic value or hard asset coverage, and substantial equity support with attractive LTVs. It will invest across the credit curve with average ticket sizes of $100 million or lower. More here
Veld Capital, a London-based private credit investor, announced the launch of its fifth flagship Credit Opportunities fund. Veld was the credit investment arm of AnaCap Financial Partners and was carved in 2022. Velt initially targeted non-core assets from financial institutions across Europe. Its previous credit opportunities funds were focused on mid-market opportunities with average ticket sizes of €15-75 million. More here
Artemis Real Estate Partners, a Washington, DC-based real estate investment manager, announced the close of its $2.2 billion Fund IV. The fund closed $700 million ahead of its target. Artemis has realised over 70 per cent of its 171 investments made across its first three funds. These have generated a net internal rate of return of 23 per cent. Artemis believe the pullback of balance sheet lenders provides opportunities in mezzanine debt, preferred equity as well as non-performing loans. More here