The Credit Crunch 24/09/23

Your weekly summary of Private Credit fundraising and news

💰Fundraising news

Blue Owl, a New York-based asset manager, raised $1 billion from Mubadala Investment Company for its Technology Lending strategy. The strategic partnership will allow Mubadala to expand its credit investment strategy into technology and software lending. More here

Colesco, a Netherlands-based lender, launched a new sustainable direct lending platform. The debt provider supports European mid-market businesses with a track record of driving innovation in the transition to a low-carbon economy, development of sustainable food supply chains, and creating an inclusive society. Colesco targets sponsorred and privately owned businesses that have EBITDA of between €10m to €100 million. It lends between €50m to €250 million per transaction. Colesco is backed by Rabobank. More here

RiverRock, a London-based investment manager, announced a first close of ~$160 million for its Senior Loan Fund II. The fund typically lends senior secured loans to European Large Mid-Caps and partners with ING to source and co-invest opportunities. RiverRock targets businesses with annual revenue of €500 million and EBITDA of €100 million. The fund is targeting a final close of €1 billion. More here

Helaba, a Germany-based bank, launched its first Infrastructure Debt Fund. The fund will focus on lending to infrastructure assets that include digital infrastructure, renewable energy and transport assets. Helaba expects to launch a number of other debt strategies with target volumes of €200 million to €500 million per fund. More here

📚Essential Reads

Colesco - A sustainable direct lending framework, Uniting Capital and Purpose. (Link)