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FrontPoint-SJC Direct Lending Fund closes with commitments exceeding $1bn

Thursday, January 06, 2011
Opalesque Industry Update - FrontPoint Partners LLC (“FrontPoint” or “FPP”) today announced the final close for the FrontPoint-SJC Direct Lending Fund, L.P. (“FSJC” or the “Fund”) with total commitments of more than $1 billion. The Fund’s strategy focuses on providing privately negotiated senior secured loans to U.S. middle market companies that generate annual revenue of $75 - $500 million and annual EBITDA of $7.5 - $50 million. To date, the Fund has invested approximately $165 million.

Steve Czech, FSJC Founder and Portfolio Manager, said, “U.S. middle-market businesses have been left with relatively few financing sources as numerous middle market direct lenders have either exited the direct lending business or are gravitating towards larger borrowers for both strategic and regulatory reasons. FSJC plans to fill that void for creditworthy businesses in need of secured debt that is required to expand their businesses and increase their hiring."

The FSJC team provides privately negotiated senior secured loans that would not typically attract the attention of conventional banks, commercial finance companies, collateralized loan obligation managers, hedge funds and mezzanine investors. Czech and his team average 23 years of leveraged lending, corporate finance and restructuring experience across numerous industries and companies. FSJC’s investment team, based in Greenwich, CT, has loan sourcing offices in Los Angeles and Chicago.

“We believe the FSJC direct lending fund provides our clients with the opportunity to benefit from the structural change in the way companies access credit. We are particularly pleased with the success of this fund given the current market and fundraising environment. This is FrontPoint’s largest fund launch ever and it has attracted a diverse set of institutional investors including domestic and international pension funds, endowments, foundations, family offices and high net worth individuals,” said Dan Waters, Co-CEO of FrontPoint.

“Steve and his team are ideally positioned to take advantage of the significant dislocation in the direct lending market. In addition, the Fund offers FrontPoint’s investors a true portfolio diversifier with a proven long-term investment track record,” said Mike Kelly, Co-CEO of FrontPoint.

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