A brand new direct lending agency has been based as a part of a administration buyout of Tortoise Capital’s non-public credit score platform.
503 Capital includes the funding and administration staff of Tortoise Capital’s non-public credit score division.
Led by managing companions Gary Henson, David Sifford and Kate Moore, the brand new agency will specialize in decrease middle-market loans.
Learn extra: Blue Gentle Capital launches new credit score platform
Following the completion of the acquisition of Tortoise’s non-public credit score belongings, which is predicted to happen within the third quarter, 503 Capital will handle round $500m (£388m) throughout non-public funds and individually managed accounts.
The staff at 503 Capital will proceed to work with Tortoise Capital on the administration of its public funds, and the funding processes and day-to-day portfolio administration stay unchanged, the companies stated.
Learn extra: Lazard appears to be like to purchase non-public credit score agency
“Retaining our funding staff intact is important to our shopper expertise,” stated Sifford, 503 Capital’s chief funding officer. “We have now change into a acknowledged lender within the training, healthcare, and waste transition sectors, which has helped us get hold of robust risk-adjusted returns for our shoppers.”
Tortoise Capital is a New York-headquartered asset supervisor that invests primarily in publicly traded corporations within the vitality and energy infrastructure sectors.
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