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NXT Capital Closes $415MM for Debt Fund Focused on Middle-Market Direct Lending

November 06, 2017, 07:09 AM
Filed Under: Investment Financing

NXT Capital, LLC announced the final closing on approximately $415 million in equity capital, above its original $350 million target, for NXT Capital Senior Loan Fund V, LP (Fund V). When coupled with targeted leverage, Fund V will have approximately $1.2 billion of available capital to invest. 

The Fund will invest in senior debt transactions directly originated and underwritten by NXT Capital’s Corporate Finance Group. The investment strategy is focused on senior secured loans, including straight senior, stretch senior and unitranche loans made primarily to private equity sponsored middle-market companies across a wide range of industries in the United States.

The Fund received equity commitments from U.S. and foreign institutional investors, including leading public and private pension plans, insurance companies, foundations and asset managers. Wells Fargo Bank N.A. is the administrative agent for Fund V’s syndicated credit facility.

“Senior Loan Fund V is a significant milestone in the continued growth of NXT Capital’s asset management platform,” said Robert Radway, Chairman and CEO. “As the largest fund we’ve raised to date, it provides further evidence that investors recognize NXT’s leadership position in the middle market private debt space and the value of NXT’s long-standing relationships with private equity sponsors, robust origination network and disciplined underwriting and portfolio management processes.”

The addition of Fund V increases third-party capital commitments to NXT Capital’s asset management platform to over $5.7 billion.

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