💰Fundraising news
Centerbridge Partners, a New York-based investment manager, launched a newly formed business development company, Overland Advisors. It will lend senior secured loans to to non-sponsorred North American middle market companies. Overland Advisors is a strategic partnership between Well Fargo and Centerbridge. Centerbridge will provide its credit underwriting capabilities and Wells Fargo will provide its nationwide sourcing and origination network. Anchor investors have committed ~$2 billion in initial commitments. These investors include Abu Dhabi Investment Authority, British Columbia Investment Management Corporation, Wells Fargo and Centerbrige. Overland Advisors is targeting a final close of $5 billion. More here
Crescent Capital, a Los Angeles-based alternative credit firm, launched its $2.5 billion Crescent Private Credit Income Corp. The business development company will lend to sponsorred U.S. middle-market companies. The Fund’s primary focus is to invest in companies with EBITDA of $35 million to $120 million. The fund will primarily lend floating-rate first and second lien senior secured loans with maturities between five to eight years. More here
T. Rowe Price and Oak Hill Advisors, US-based investment managers, announced a first close of $1.5 billion for their newly formed business development company. The T. Rowe Price OHA Select Private Credit Fund will lend to larger, well-established, recession-resistant companies located predominately in North America. These companies will typically be sponsorred and have EBITDA greater than $75 million. In addition, companies will have experienced management teams, diverse sources of revenue and the potential to weather challenging market conditions. The fund will use Oak Hill’s credit specialist platform. More here
Vista Credit Partners, a US-based investment manager, announced a first close of $500 million for its newly formed business development company, Vista Credit Strategic Lending. The fund predominantly invests in sponsorred and non-sponsored US mid-market companies. It will target businesses in enterprise software, data and technology-enabled sectors. These businesses typically have between $25-$2.5 billion of revenue and less than $250 million of EBITDA. The fund typically targets a loan-to-value ratio of under 50 percent or below. The fund invests between $10 million and $75 million per transaction. More here
Pimco, a US-based investment manager, raised ~$865 million for its Corporate Opportunities Fund IV. The opportunistic fund lends globally to performing and distressed companies. Pimco is targeting a final close of $5 billion. The predecessor fund closed at ~$4 billion in June 2021. More here
Apax Partners, a London-based private markets investor, raised ~$750 million for its first dedicated credit fund. The fund’s strategy is synergistic with Apax’s private equity strategies. It will focus on Apax’s four core sectors which include technology, services, healthcare, and internet/consumer. The fund has a flexible mandate, with the ability to invest across the capital structure. More here
Pimco, a US-based investment manager, raised ~$412 million for its first Specialty Finance Income Fund. The asset-based lending fund will invest across a broad array of collateral types within residential, consumer, student loans and aviation leasing. More here
📚Essential Reads
Crescent Capital - Crescent Private Credit Income Prospectus (Link)
T. Rowe Price and Oak Hill Advisors - OCREDIT Prospectus (Link)
Vista Credit Partners - Vista Credit Strategic Lending Prospectus (Link)