đ°Fundraising news
Oaktree Capital Management, a global asset manager, is reportedly raising more than $18 billion for its Opportunities Fund XII. The new flagship distressed fund would exceed the previous fund which closed at $16 billion in 2021. If Oaktree Opportunities Fund XII surpasses $18 billion, it will be the largest private debt fund of all time. More here
Blackstone, a Global asset manager, closed its $7.1 billion Blackstone Green Private Credit Fund III. The fund is the largest energy transition private credit fund ever raised. The fund will invest across the credit spectrum in investment-grade credit, non-investment-grade credit, preferred and convertible securities. It will focus on a broad range of sectors, including residential solar; renewable electricity generation and storage; products, services, and technologies that enable the energy transition; decarbonized transportation, and other energy infrastructure investments. More here
Tikehau, a Paris-based alternative asset manager, is preparing to launch a ~$6 billion Direct Lending fund VI. Tikehau lends predominantly senior secured floating rate loans to European mid-market businesses. The fund targets growing companies with ~20% EBITDA margin. Its current portfolio has an average leverage ratio of ~4.4x EBITDA. Tikehauâs Direct Lending Funds typically have a gross IRR of ~10%. More here
Brookfield, a Toronto-based asset manager, is expected to raise over $5 billion for its Infrastructure Debt Fund III. The fund will lend to core infrastructure assets in North America but will also invest in South America, Australia, and Europe. The fund will be 50 percent larger than the previous fund which had a final close of $2.7 billion in 2020. More here
Tikehau, a Paris-based alternative asset manager, is raising a $1 billion private credit secondaries fund II. Tikehau expects the fund to generate downside-protected âhigh-single, low teens type of returnsâ. The fund will invest across the private credit spectrum and will be âvery cautious when it comes to pricingâ. More here
đEssential Reads
Middle Market Growth - The Rise of Private Credit (Link)
Gold Sheets - Middle Market Review (Link)
Brookfield - Q2 2023 Results Presentation (Link)
Tikehau - H1 2023 Results Presentation (Link)