💰Fundraising news
Monomoy Capital Partners, a New York-based investment manager, announced the final close of its $300 million Credit Opportunities Fund II. The fund will acquire first-lien and senior secured loans of lower-middle-market and middle-market businesses in the secondary market. Monomoy targets North American businesses in the industrial, distribution, and consumer businesses sectors. Monomoy has over $2.7 billion in assets under management and has executed more than 60 middle-market transactions since inception. More here
Barings, a Global investment manager, is raising funds for its North American Private Loan Fund III. The fund primarily lends senior secured floating-rate loans to sponsored middle-market companies in the US and Canada. More here and here
5C Investment Partners, a New York-based investment manager, announced the launch of its debut fund. The fund will initially focus on the US, with the scope to expand in Europe. 5C Investment Partners was founded by two former Goldman Sachs Partners, Tom Connolly and Mike Koester. The firm’s name is a nod to the “five Cs of credit” a lending framework Connolly and Koester learned as young credit traders at Bankers Trust in the 1990s. The five Cs — capacity, capital, collateral, conditions and character — were emblazoned on mugs the firm’s chief credit officer handed out. More here
F88 Investment, a Vietnam-based financial firm, raised $50 million. F88 lends small loans to Vietnamese consumer businesses. These businesses are in sectors that include retail, restaurants, education, health care, pharmaceuticals, consumer finance, and consumer service providers. F88 is backed by The Mekong Capital. More here
📚Essential Reads
Reuters - European private loan market falters as corporate credit stress mounts -(Link)
Cliffwater - What’s really happening in US middle market debt - Q2 Report on U.S. Direct Lending (Link)