💰Fundraising news
Orbimed, a Global healthcare investment firm, raised ~$4.3 billion for three new funds, including its Royalty & Credit Opportunities IV. The fund focuses on opportunities across healthcare sub-sectors, including biopharmaceuticals, medical devices, diagnostics, and technology-enabled healthcare services. Orbimed lends between $100 million and $400 million to companies at or near approval of a new drug. Its facilities can be repaid as interest or through a share of revenue. More here and here
Bain Capital and Smith Hill Capital, announced a $1 billion hospitality financing joint venture. The platform will invest debt and preferred equity to companies and assets in the US hospitality sector. In select instances, the platform will acquire debt and provide rescue capital to high-quality borrowers. Bain Capital has a history of supporting global hospitality companies, these include Apple Leisure Group, Hotel Don Carlos, Marriott International, and EDITION brand. Smith Hill Capital was formed to invest in real estate debt opportunities that exist due to liquidity challenges and dislocation in commercial real estate financial markets. More here
Gemcorp Capital, a London-based emerging markets asset manager, announced a $1 billion Saudi Arabia fund. The fund will be a partnership between Gemcorp and the Ministry of Investment Saudi Arabia. Gemcorp will commit seed funding, while MISA will assist in establishing the fund and will facilitate access to investment opportunities. The fund will make investments in three priority sectors: energy, infrastructure, and minerals and mining. More here
Pictet Asset Management, a Switzerland-based asset manager, announced a first close of ~$210 million for its European Direct Lending Fund. The fund will lend to lower mid-market private companies with EBITDA of between €5m to €15 million. It will be diversified across European countries and sectors, focusing on low-beta, high-cashflow industries. The fund is an Article 8 fund. More here and here
BluePeak Private Capital, a London-based alternative asset manager, closed its $156 million Private Capital Fund. The impact-driven invests in scalable businesses operating in Africa across several sectors through privately negotiated structured debt-like and equity instruments. BluePeak has a presence in Tunis, Nairobi and London. More here
📚Essential Reads
Pictet - Why small is beautiful: The sweet spot in European direct lending (Link)
Marathon Asset Management - Yesterday’s yield desert has become an oasis for today’s asset-based lenders (Link)