The Credit Crunch 20/08/23
Your weekly summary of Private Credit fundraising and news
💰Fundraising news
Guggenheim Investments, a New York-based asset manager, is raising $1.5 billion for its newest private credit fund. Guggenheim’s Private Debt strategy lends to US-based middle market companies. It targets a variety of transactions including growth financings, recapitalizations, and acquisition-related financings. More here
Hayfin, a London-based asset manager, closed its ~$6.5 billion Hayfin Direct Lending Fund IV. Hayfin originates, structures, and invests in performing senior-secured loans, primarily to European middle-market and upper-middle-market companies. Hayfin originates using its local sourcing teams located in 12 global offices. The fund also opportunistically acquires attractively priced senior loans in the secondary market. The fund is Hayfin’s largest capital raise to date, exceeding the c. €5 billion raised for the previous vintage of the Direct Lending strategy in 2020. More here
Allianz Global Investors, a global investment manager, is raising at least ~$1.6 billion for its Global Diversified Private Debt Fund II. The fund will invest in leading private debt fund managers with a proven track record. It will invest predominantly in middle-market corporate debt in North America and Europe. Allianz may also pursue co-investment opportunities alongside its investments. The fund expects to build a well-diversified portfolio across geographies, segments, vintage years, sectors, and company types to deliver attractive risk-adjusted returns with significant cash yield. More here and here
Balbec Capital, a US-based credit manager, reached a first close of $465 million for its InSolve Global Credit Fund VI. The fund invests in credit-sensitive assets including sub-performing and non-performing loan books consisting of consumer credit and mortgages. The fund expects to make hundreds of investments with ticket sizes of between $1 million and $100 million across 10 geographies. The fund seeks to generate consistent, attractive returns with income yield by investing in assets that have a historically low correlation to public markets. More here
📚Essential Reads
David Spreng - All Money Is Not Created Equal (Link)