The Credit Crunch 27/08/23
Your weekly summary of Private Credit fundraising and news
💰Fundraising news
Blackstone, a Global asset manager, closed its $5.2 billion Tactical Opportunities Fund IV. Blackstone launched its Tactical Opportunities platform in 2012 to invest across private credit and private equity. The platform has $34 billion of assets under management and represents the largest opportunistic investment platform in the world. More here
Meag, a Germany-based investment manager, launched its ~$800 million Infrastructure Debt Fund III. The fund lends senior secured loans to infrastructure assets in Europe. The fund focuses on a broad range of sectors including transport, social affairs, communication, energy, and clean tech. The fund is targeting a net return of at least 5 percent. Meag is classified as Article 8 under the Sustainable Finance Disclosure Regulation. More here
AshGrove, a London-based pan-European credit manager, raised up to $50 million for its Specialty Lending Fund II. AshGrove lends to European small to medium-sized software businesses. The fund invests €10-40 million per transaction and works with sponsored and non-sponsored businesses. More here and here
MGG Investment Group, a US-based investment manager, raised up to $50 million for its Structured Solutions Fund II. The fund predominantly invests in non-sponsored US mid-market companies. These companies typically have between $20-500 million of revenue and $5-40 million of EBITDA. The fund typically targets a loan-to-value ratio of under 75 percent, gross IRRs of 15%+, and Multiple on Investment Costs of 1.5x. MGG is targeting a final close of $500 million. More here, here, and here
Alchemy, a London-based investment manager, raised up to ~$50 million for its Special Opportunities Fund V. Alchemy specialises in investing in distressed, undervalued, or underperforming businesses. It targets opportunities across Europe that arise from dislocated markets, structural change, unsustainable capital structures, and underperformance. More here and here
📚Essential Reads
Cliff Water - Q2 2023 Report on U.S. Direct Lending (Link)