Freeport Financial closes sixth direct lending fund with $2bn raised
US lower mid-market direct lending manager Freeport Financial Partners has closed its sixth direct lending fund with £2bn (GBP1.5bn) in investable capital raised. The Freeport First Lien Loan Fund VI was oversubscribed, exceeding its initial target by more than £200m, with total equity commitments of £1.2bn and £800m in targeted leverage. Investors included public and private pension plans and insurance companies as well as endowments and foundations across North America, Europe and Asia.
Read more: Investec drives European direct lending sales with new hire[1] The fund invests primarily in directly originated and independently underwritten senior-secured first lien, floating rate loans to private equity-owned US lower middle market companies that have EBITDA between £3m and £25m. Over the past year, the fund has deployed approximately 25 per cent of its capital across a diverse group of industries including business services, industrial components and healthcare services.
Read more: Macquarie launches European direct lending platform[2]
"We are appreciative of the positive response to our most recent fund from both our existing and new investors to achieve a diversified base of limited partners," said Josh Howie, managing director at Freeport Financial Partners.
Read more: AlbaCore raises £1.8bn for new direct lending strategy[3]
References
- ^ Investec drives European direct lending sales with new hire (alternativecreditinvestor.com)
- ^ Macquarie launches European direct lending platform (alternativecreditinvestor.com)
- ^ AlbaCore raises £1.8bn for new direct lending strategy (alternativecreditinvestor.com)