💰Fundraising news
Appian Capital, a London-based investment advisor, announced the close of its $2.1 billion Natural Resources Fund III. The fund is its largest to date, bringing total assets under management to ~US$4 billion and making Appian the largest private equity investor in metals and mining. The fund will invest up to one-third of its capital in credit opportunities. Appian’s credit platform provides bespoke financing solutions to mining companies. It typically invests between $50- $200 million per transaction. More here and here
Pantheon, a London-based investment manager, announced the launch of the AMG Pantheon Credit Solutions Fund. The private credit secondaries fund is designed for the US private wealth market. It will be the second vehicle launched within Pantheon’s US Private Wealth division and will sit alongside the AMG Pantheon Fund. The fund will provide prospective investors a core private credit exposure, diversified by manager, vintage year, industry sector, and company. More here
Hillhouse Capital, a Singapore-based investment manager is reportedly raising a new Asia-focused private credit fund. The fund is expected to raise between $900 million- $1.1 billion. It will target well-established performing companies and will lend between $50 - $75 million per transaction. The fund is targeting yields between 11% - 15%. More here
Mercatus Finance, a New York-based lender, announced the launch of its cash flow specialty finance company. The lender provides cash flow-based loans to lower middle and middle market businesses. It typically invests between $20-$75 million in companies with more than $5 million of EBITDA. Mercatus Finance is a strategic partnership with Arena Investors, a New York-based asset manager. More here
Orion Capital Asia, a Singapore-based private credit investment manager announced a first close of $205 million for its third fund. The fund lends secured loans to middle market businesses in Asia-Pacific. It invests in both sponsored and unsponsored businesses. Canadian pension fund OMERS made an equity investment in Orion Capital in 2020. More here
📚Essential Reads
Howard Marks - Further Thoughts on Sea Change (Link)
Whaleblue - What’s going on with Triple Point’s Loan Book? (Link)
Ares - Ares invests in Latin America (Link)