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Alternative Market Briefing

Pinebridge hits $396m final close for debut direct lending fund

Monday, January 06, 2020

Laxman Pai, Opalesque Asia:

The New York-based global asset manager PineBridge Investments has raised the capital through a fund and separately managed accounts.

The Fund closed with capital commitments of $396 million, and combined with a leverage facility through Wells Fargo Bank, NA, has $596 million of available capital. Including target allocations from separately managed accounts, the total initial PineBridge Private Credit platform is $1.7 billion.

The firm which manages $96.9 billion across global asset classes said in a press release that the Fund's investment strategy is to provide senior secured loans to US-based, sponsor-backed lower middle-market companies through a direct origination strategy.

The Fund primarily targets investments in the business services, consumer, food and beverage, industrial and healthcare sectors with $7.5 to $30 million in EBITDA.

"PineBridge formed the Private Credit team in early 2017 to augment the firm's Alternatives business as a strategic initiative addressing client needs, with the addition of Managing Directors Jim Fisher, Doug Lyons, and Joe Taylor," said the release.

Since 2017, the PineBridge Private Credit team has committed $866 million to 25 portfolio companies, primarily across senior secured first-lien and unitranche loans, with all transactions completed alongside middle-market sponsors, it said.

The PineBridge team has led 14 of the 25 transactions.

"Our team has specialized in this area o......................

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