The Credit Crunch 22/10/23
Your weekly summary of Private Credit fundraising and news
💰Fundraising news
Oak Hill Advisors, a New York-based alternative investment manager, announced the final close of its $2.3 billion Strategic Credit Fund III. Oak Hill’s flagship distressed debt fund will focus on opportunities in North America and Western Europe. The fund invests across the capital structure from senior secured debt to equity. Oak Hill has invested over $20 billion within its distressed strategy since 1990. More here
Kreos Capital, a London-based venture debt lender, announced the final close of its ~$1.3 billion Kreos Capital VII. Kreos provides growth and venture debt financing to European and Israeli technology and healthcare companies. It typically invests between €2 million to €100 million per transaction. The fund is 40% larger than its predecessor fund and has deployed ~$1.2 billion to 57 companies. Kreos expects the fund to deploy between $2.6 billion and $2.8 billion to ~100 companies. BlackRock acquired Kreos in June. More here
Copenhagen Infrastructure Partners, a Denmark-based investment manager, closed its $1.1 billion Green Credit Fund. The Green Credit Fund lends subordinated debt to renewable energy projects globally. The fund will focus on green and brownfield projects in offshore wind, onshore wind, solar PV, biomass, storage, and transmission assets. More here
Fidelity International, a Global asset manager, launched its debut European Direct Lending Fund. The fund will lend senior secured loans to European mid-market companies. It will target companies with EBITDA of between €5m to €30 million, predominantly in Northern and Western Europe. The fund is targeting a return of 10%. More here
Pemberton, a London-based credit asset manager, announced a first close for its $275 European Alternative Credit Fund. The fund will utilize Pemberton’s three European middle-market lending strategies, Senior Loan, Mid-Market Debt & Strategic Credit. It will focus on first-lien financings. The fund primarily responds to the needs of US Multi-Employer Union and Corporate Defined-Benefit Plans. More here
📚Essential Reads
Blackstone - Q3 2023 Results Presentation (Link)
Tikehau - Q3 2023 Results Presentation (Link)