The Credit Crunch 23/07/23
Your weekly summary of Private Credit fundraising and news
💰Fundraising news
Jefferies Credit Partners, a New York-based private credit manager, launched a new $1.7 billion Business Development Company. The fund will lend senior secured loans to sponsored US companies. It will target upper middle market borrowers that have greater than $75 million of EBITDA and benefit from established track records, seasoned management and operational scale. A wholly owned subsidiary of the Abu Dhabi Investment Authority has committed to invest $625 million of equity. More here
Triton Partners, a Luxembourg-based investment manager, is reportedly raising a ~$1.1 billion European private credit fund. The fund will lend senior secured loans to mid-market companies across northern and western Europe, including the UK and Ireland, Nordics and Benelux. Triton typically lends between €10 million and €60 million to businesses with enterprise values of up to €500 million. The strategy will primarily follow similar sectors to the firm's predecessor funds, covering sectors such as industrials, health, consumer and business services. More here
Angelo Gordon, a New York-based investment manager, closed its $1 billion Asset Based Credit Fund. The asset-based lending fund will invest across a broad array of collateral types within consumer, real asset, and other specialty lending markets. Angelo Gordon was acquired by TPG in May 2023. More here
Golub Capital, a US-based credit asset manager, announced its $650 million non-traded business development company broke escrow. The fund direct lends senior secured loans to US-based private companies in the middle and upper middle market. More here
Clipway, a London-based secondaries fund, is raising a $4 billion secondary fund. The fund will use artificial intelligence and proprietary data analytics tools to evaluate cash flows from private market portfolios and price them on a secondaries basis. The firm was launched by former Ardian and Coller Capital investment executives. More here
Acre Impact Capital, a London-based impact investor, announced a $40 million commitment for its Export Finance Fund. The fund aims to support climate infrastructure investment across Africa. It will provide commercial debt to infrastructure projects looking to take advantage of loans guaranteed by export credit agencies. Acre Impact Capital focuses on four thematic areas strongly aligned with the UN Sustainable development Goals: (i) Renewable Power; (ii) Health, Food and Water Scarcity; (iii) Sustainable Cities and (iv) Green Transportation. More here
📚Essential Reads
Carlyle - 2023 Credit Outlook (Link)
Golub - US Middle Market Report Q2 2023 (Link)
Acre Impact Capital - Leveraging Export Credit Agencies in Emerging Markets (Link)