PineBridge Investments has closed its third direct lending fund with an oversubscribed elevate of $1.7bn (£1.35bn).
The ‘PineBridge Non-public Credit score III’ is a part of the asset supervisor’s lower-middle-market direct lending technique.
The most recent shut – which surpassed its goal measurement of $1bn – brings the agency’s complete non-public credit score platform to $5bn.
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The brand new fund will deal with making immediately originated senior secured loans to US-based, sponsor-backed lower-middle-market firms, largely within the enterprise companies, client, healthcare, and specialty manufacturing sectors.
Loans are usually supplied to firms with core earnings starting from $7.5m to $30m.
Learn extra: Non-public debt market to develop to $2.8trn as variety of funds hits file excessive
PineBridge’s non-public credit score workforce has dedicated $4.5bn of capital to 79 portfolio firms up to now.
“We’re very excited to have our Non-public Credit score III fundraise cross the end line oversubscribed, hitting $1.7bn,” stated Jim Fisher, head of personal credit score at PineBridge.
“This degree marks a watershed second for our platform’s development with subscriptions landed from traders throughout areas and channels, led by insurance coverage.
“We’ve had robust assist for Fund III proper from the very begin, a testomony to the power of our enterprise and veteran workforce. With Fund III within the books, we are able to push ahead with important capital to construct our enterprise and fortify our management within the decrease center market.”
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