💰Fundraising news
Antares Capital, a Chicago-based private credit manager, closed its second $6 billion Senior Loan Fund. The fund lends senior secured loans to PE-backed companies in the US and Canada. It typically invests between $40 to $60 million to companies with EBITDA of $10 to $100 million. The fund primarily invests in in non-cyclical industries, including insurance, non-elective healthcare, software and business services sectors. Antares are targeting an unlevered return of 8-9 per cent and a levered return of 14-15 per cent. More here and here
Marathon Asset Management, a New York-based credit investment manager, closed its $1.7 billion Marathon Secured Private Strategies Fund III. The asset-based lending fund will invest globally in a wide range of opportunities, including residential and commercial real estate, aviation leasing, maritime finance, healthcare, auto, consumer finance and corporate ABL. Marathon also plans to take advantage of the rising number of secondary loan market opportunities. More here
Edmond de Rothschild Real Estate, a France-based real estate investment manager, is raising its third ~$670 million fund. The fund aims to build a diversified pan-European portfolio of mid-sized, core plus and value-add assets, owned by experienced and well-capitalised borrowers. The fund will target a net unlevered IRR of 9 per cent and a portfolio loan-to-value (LTV) ratio of 70 per cent. More here
Spring Lane Capital, a Boston-based investment manager, closed its second $290 million climate infrastructure fund. The fund offers hybrid capital to businesses with proven, cash-generating sustainability solutions in the early phases of commercialisation. It typically invests between $20 to $60 million per deal. The fund was nearly twice the size of its first fund which was raised in 2019. More here
Muzinich, a Global asset manager, announced a first close of ~$150 million for its Pan European Private Debt III. The fund typically lends between $10 to $50 million to companies with EBITDA of $5 to $25 million across Europe and the UK. More than €1.5 billion was raised in the two previous vintages. Muzinich also recently published an insightful paper on opportunities in the lower middle market. Here and More here
Calmwater Capital, a California-based real estate lender, closed its $372 million Real Estate Debt Fund IV. The fund primarily lends senior secured bridging loans to commercial real estate in the ‘sunbelt’ US states. It typically invests between $7.5 to $100 million per transaction. More here
📚Essential Reads
Callan - Private Credit Management Fee benchmarking (Link)
Muzinich - Opportunities in the Lower Middle Market (Link)