š°Fundraising news
Bridgepoint, a London-based investment company, closed its ~$3.7 billion Direct Lending fund III. The fund lends predominantly senior secured loans to European sponsored businesses. Bridgepoint targets mid-market borrowers that have between ā¬10 to ā¬75 million of EBITDA. These businesses have an average EBITDA margin of ~30% of revenue. This allows Bridgepoint to invest up to 35% of enterprise value. More here and here
Neuberger Berman, a New York-based investment manager, closed its $2.5 billion Credit Opportunities Fund II. The fund invests in North American sponsored businesses. More here
Comvest Partners, a Florida-based investment manager, closed its $2 billion flagship Credit Partners VI fund. The fund lends senior secured loans to North American mid-market businesses. Comvest can lend up to $250 million per transaction and supports both sponsored and non-sponsored companies. The strategy will primarily follow similar sectors to predecessor funds, covering sectors such as healthcare services, financial services, business services, consumer and industrials. More here
Incus Capital, a Madrid-based alternative lender, announced it planning to raise its fifth ~$880 million European Credit Fund. The fund will lend senior, mezzanine and bridge financing to mid-market borrowers in Spain, Portugal, Italy and France. It will invest an average of ā¬30 million per transaction with loan-to-vale ratios ranging between 30 and 75 percent. The fund will target net returns in the āmid-teensā. More here
Proterra Investment Partners, a Minnneapolis-based alternative asset manager, closed its second $500 million private credit fund. The fund lends to North American mid-market food and beverage companies. It has a focus on leading and arranging unitranche loans in support of sponsor-backed acquisitions. Since launching the strategy, Proterra has made over 20 investments. More here
šEssential Reads
Preqin - Private Debt Q2 Update - (Link)
Private Debt Investor - H1 Fundraising (Link)