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Laxman Pai, Opalesque Asia:

American multinational financial services company Wells Fargo has partnered with asset manager Centerbridge to launch a $5bn private credit fund that will lend to midsized US companies, as banks race to find a toehold in the rapidly growing private credit industry.

"To meet the alternative credit needs of this segment, Centerbridge intends to launch Overland Advisors to manage a newly formed business development company that will be primarily focused on making senior secured loans," said a joint press release.

Overland represents a transformative new business model for direct lending to middle-market companies, diversifying the market of clients served by private credit and direct lending.

According to the release, the Centerbridge and Wells Fargo strategic relationship includes differentiated origination sourcing from Wells Fargo's extensive middle market customer base and an equity investment from Wells Fargo.

"Overland represents a new paradigm in direct lending, bringing a relationship approach to direct lending and offering a much-needed capital solution in the large but underpenetrated non-sponsor U.S. middle market," said Jeff Aronson, Co-Founder and Managing Principal of Centerbridge Partners. "We believe Overland draws on the unique and complementary capabilities of both Centerbridge's leading private credit underwriting capabilities and Wells Fargo's nationwide sourcing and origination network to offer an attractive ......................

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