The Credit Crunch 17/09/23
Your weekly summary of Private Credit fundraising and news
💰Fundraising news
Societe Generale and Brookfield Asset Management announced the launch of a €10 billion investment-grade debt fund. It will launch with €2.5 billion of seed funding. The seed fund will focus on two strategies. One for real assets credit across the power, renewables, data, midstream, and transportation sectors. Another one for fund finance. The fund is expected to meet the needs of insurance companies with investment-grade products tailored to meet their ratings and duration requirements. More here
LGT Capital Partner, a Switzerland-based alternative investment manager, closed its $1.3 billion Crown European Private Debt III. The fund predominantly lends senior secured loans to sponsored mid-market companies across Europe. These companies typically have enterprise values between €100-500 million. The fund’s portfolio is currently composed of 15 assets. More here
Bain Capital, a Boston-based investment manager, is reportedly launching its first European Real Estate fund. The fund is expected to invest across Europe, with a bias toward Germany, Spain, and Ireland. It will provide senior and mezzanine loans between €15 million to €100 million. Bain is expected to announce a first close of at least ~$400 million. More here
Deutsche Bank, a European investment bank, launched DB Investment Partners. The new investment manager will give institutional and high-net-worth clients access to private credit investment opportunities. It will invest across a range of private credit investment strategies including corporates, real estate, and asset-based finance. This will include renewable finance and energy transition financing as well as infrastructure financing globally. DB Investment Partners will operate independently of Deutsche Bank, and Deutsche Bank will retain its existing balance sheet-driven private credit business.  More here
White Star Capital, a Global technology investment manager, announced the first close of its Structured Growth Capital Fund. The fund will invest in European and Asian technology businesses using both debt and equity. It will invest between €5 million to €20 million per transaction. White Star will focus on investing in businesses post Series B and above. It expects to invest in 15 to 20 businesses out of the fund. More here and here
Big Issue Invest, a UK-based impact investment manager, launched its fourth Social Impact Investment Fund. The fund will lend to socially impactful businesses in the UK with a history of revenue generation, profitability, and assets to support secured debt. It will target borrowers creating an impact in the Care, Housing, and Social Infrastructure sectors. The fund will lend between £1 million to £4 million fixed-rate loans with expected terms of 3 to 5 years. More here
📚Essential Reads
Whale Blue - 4 keys Insights into Hercules Capital’s Loan Portfolio (Link)
Bloomberg - Fund Giants Muscle In on the $1.5 Trillion Private Credit Party (Link)