💰Fundraising news
King Street, a New York-based investment manager, closed its $2.3 billion Global Drawdown Fund II. The fund invests in distressed and stressed corporate debt, structured products, and asset-backed credit. The fund will be nearly 100 percent larger than the previous fund which had a final close of $1.2 billion in 2021. More here
Blackrock, a Global investment manager, launched its new climate transition-oriented private debt fund. The fund will lend to European and US middle market companies to help accelerate borrowers’ climate transition agenda. Using a proprietary Climate Transition Rating Framework, the fund finances companies at a variety of stages of transitioning to net zero emissions. It will apply climate transition selection criteria so that the borrowers demonstrate satisfactory climate transition characteristics. More here
Leonid Capital Partners, a California-based alternative investment manager, closed its $240 million Opportunities Fund. The fund specializes in US Government contract financing. It provides term loans and revolving lines of credit to businesses which are secured against their US government contracts. The fund invests between $1 million and $25 million per transaction. More here
Acme Credit Partners, a New York-based investment manager, launched its Lower Middle-Market Credit Strategy. The fund lends to lower mid-market companies in North America. It typically invests between $10- $150 million in companies with more than $5 million of EBITDA. Acme Credit Partners will provide funding using term loans, last-out tranches, revolvers, and bridge loans. More here
Blue Earth Capital, a Switzerland-based impact investor closed its $108.5 million Credit Strategies II. The fund lends to proven businesses that can demonstrate measurable and scalable social or environmental impact. The fund invests across three continents (Africa, Asia, and the Americas) and across the credit spectrum. It targets industries including financial inclusion, agribusiness, affordable housing, energy access, and healthcare. The fund has already had three successful exits and realized returns above 12% IRR. More here
📚Essential Reads
Pitchbook- Private debt overtakes venture capital as the top private market fundraising strategy of the year (Link)
Deloitte- European Private Credit Q3 Update (Link)