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Alternative Market Briefing

Freeport Financial raises $1.5bn for the fifth direct-lending fund

Tuesday, April 05, 2022

Laxman Pai, Opalesque Asia:

Chicago-based private equity investment firm Freeport Financial Partners has closed its fifth fund and now has $1.5 billion on hand to lend to companies in the lower midmarket.

The middle-market direct lending manager said that the fund, Freeport First Lien Loan Fund V, collected $900 million in equity to pair with $600 million in leverage.

Fund V obtained commitments from a wide range of institutional investors including public and private pension plans, insurance companies as well as endowments and foundations across North America, Europe, and Asia, said a press release.

Fund V invests primarily in directly originated and independently underwritten senior-secured first lien, floating-rate loans to private equity-owned U.S. lower middle-market companies that have EBITDA between $3 million and $25 million.

Over the past year, Fund V has deployed approximately 35% of its capital across a diverse group of industries including business services, industrial components, and healthcare services, the release said.

"We are pleased with the strong response to our most recent fund from both our existing and new investors to achieve a diversified base of limited partners," said Josh Howie, Managing Director at Freeport.

Freeport's principals have invested together since 2005 and have provided $8.6 billion in loan commitments to more than 300 companies.

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