š°Fundraising news
Blue Owl, a New York-based asset manager, announced it raised almost $800 million in Q2 for its Credit Income Fund. The non-traded business development company lends senior secured floating rate loans to US-based companies. Blue Owl targets mid-market borrowers that have between $10 to $250 million of EBITDA and annual revenue of $50 million to $2.5 billion. It expects companies to have loan-to-value ratios below 50 percent. More here
AB Carval, a Minneapolis-based investment manager, closed its $1.5 billion Clean Energy Fund II. The fund focuses on credit and hard-asset investments in the clean energy sector, primarily inĀ North America and Europe. CEF II is a continuation of AB CarVal's platform for renewable energy private debt transactions. AB CarVal has deployed over $4 billion in clean energy investments. AB CarVal's first Clean Energy Fund closed in 2021, with $490 million in total capital commitments. More here
Manulife, a Canada-based investment manager, launched its latest Private Credit Fund. The non-traded business development company will lend senior secured loans to US-based private middle-market companies. Manulife will target companies with $5Ā million to $100Ā million of EBITDA More here
Blue Owl, a New York-based asset manager, announced it raised over $200 million in Q2 for its Technology Income Fund. The non-traded business development company lends primarily senior secured loans to US-based private software companies. The fundās traditional borrowers have average annual revenue of $991.5 million, EBITDA of $241.5 million, and enterprise values of $5.9 billion1. Its average investment per company is $31.5 million2. More here
šEssential Reads
Blue Owl - Q2 2023 Results Presentation (Link)
Apollo - Q2 2023 Results Presentation (Link)
Ares - Q2 2023 Results Presentation (Link)