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Laxman Pai, Opalesque Asia:

The alternative credit investment manager First Eagle Alternative Credit (FEAC) has closed its fifth direct lending fund on over $1bn in total available capital, including leverage.

The firm has raised over $2.2bn in direct lending available capital in the past 12 months to support its robust direct lending origination business through two middle market CLOs, an interval fund, and separate accounts in addition to the Direct Lending Fund V.

According to a media release from the credit investment manager for both direct lending and broadly syndicated investments, the $21bn credit platform of First Eagle Investments, will provide loans to private equity-owned companies with an EBITDA between $5m and $50m, with an extra emphasis on companies with approximately $25m of EBITDA.

The firm will also look for senior financing opportunities of up to $250m with hold sizes across the FEAC platform ranging from $25m to $125m.

Chris Flynn, president of First Eagle Alternative Credit, said, "Direct lending is a vital financing strategy for middle market businesses and their backing sponsors. Investors value our proprietary deal flow and as a result, there was healthy demand for participation in our Direct Lending Fund V."

Chris added: "Following record deployment in directly-originated loans in 2021, we are well-positioned to further build our portfolio, and we will continue to serve as a reliable lending partner to both new and existing sponsor ......................

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