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In addition to investments in Kennedy Lewis' core lending strategy, CalSTRS will provide Kennedy Lewis with $200 million of seed capital to support the growth of Kennedy Lewis' Capital Company (KLCC), the firm's non-exchange traded, perpetual-life Business Development Company (BDC). This partnership reflects CalSTRS and Kennedy Lewis' shared confidence in the attractive total return and diversification benefits offered by non-sponsored direct lending and its appeal to a broad range of investors.

"We are thrilled to partner with CalSTRS, one of the world's leading institutional investors, known for being at the forefront of the investment management industry," said David K. Chene and Darren L. Richman, Co-Founders and Co-Managing Partners of Kennedy Lewis. "There is currently an extremely compelling opportunity set that is complimentary to sponsor-backed lending mandates within the non-sponsored direct lending space. We see the potential to achieve diversification across industries and secure beneficial terms and pricing. We look forward to pursuing this investment opportunity on behalf of CalSTRS, its beneficiaries, and all investors in KLCC."

Kennedy Lewis' core lending strategy focuses on originating and investing in senior-secured, floating rate, loans to middle- and upper-middle market non-sponsored companies. The strategy benefits from Kennedy Lewis proprietary sourcing channels across a range of industries and sectors where the firm has specialized expertise, and its defensive investment approach that emphasizes long-term credit performance and principal protection.

About Kennedy Lewis
Kennedy Lewis is an alternative credit manager founded in 2017 by David K. Chene and Darren L. Richman with approximately $16 billion under management across private funds, a business development company, and collateralized loan obligations.

About CalSTRS
Established in 1913, CalSTRS is the largest educator-only pension fund in the world with $337.9 billion in assets under management as of May 31, 2024.

Press release

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