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Laxman Pai, Opalesque Asia: Boston-based Bain Capital Specialty Finance and San Francisco-based global alternative private markets manager Pantheon Ventures have formed a private direct-lending joint venture (JV) called the International Senior Loan Program (ISLP).
The tie-up will offer private direct lending solutions to middle-market borrowers primarily across Europe and Australia. Bain Capital will hold a 70.5% equity stake in the venture, while Pantheon Ventures will own the remaining 29.5% stake.
The investment portfolio is set to consist of about $320 million of senior secured loans contributed by BCSF, a subsidiary of Bain Capital Credit.
BCSF has agreed to contribute capital of up to about $180 million for the joint venture, while Pantheon has agreed to contribute up to $75 million.
Bain Capital Credit's direct lending assets under management as of Dec. 31 were more than $7 billion, a spokesman said. Pantheon's direct lending AUM as of Sept. 30 was $2.6 billion.
"Bain Capital Credit has had a global lending presence for over 15 years. Our partnership with Pantheon is a natural extension of our middle market lending expertise and scale and will allow us to further expand BCSF's reach and capabilities into Europe and Australia -- markets where we continue to see attractive growth opportunities -- while driving long-term value to our shareholders," said Michael Ewald, Chief Executive Officer of BCSF.
"The international reach of this partnersh...................... To view our full article Click here
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