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PineBridge Private Credit Closes Second Direct Lending Fund

February 04, 2022, 07:29 AM
Filed Under: Private Equity News

PineBridge Investments, a global asset manager, announced the final close of PineBridge Private Credit II (“Fund II”) as of 31 January 2022, as part of the firm’s lower-middle-market direct lending strategy. Together with separately managed account clients and fund-level leverage, the Private Credit team raised $1.7 billion of capital since Fund II’s initial close – bringing the total Private Credit platform to $3.3 billion.

As with the entire PineBridge Private Credit team’s strategy, Fund II will focus on making directly originated senior secured loans to US-based, sponsor-backed lower-middle-market companies, largely in the business services, consumer, healthcare, and specialty manufacturing sectors. Within these sectors, loans are typically to companies with EBITDA ranging from $7.5 million to $30 million.

Led by Jim Fisher (Head of Private Credit), Doug Lyons, and Joe Taylor, the Private Credit team has committed $2.9 billion of loan principal to 59 portfolio companies to date, all in partnership with long-seasoned relationships with middle market-focused sponsors.

“We are pleased to have reached this significant milestone together with our investors, and believe Fund II will benefit from a sustained, rich opportunity set predominantly composed of first-lien senior secured loans,” said Jim Fisher, Head of Private Credit at PineBridge Investments. “Our veteran team members have specialized in lower-middle-market direct lending over multiple decades and through various credit cycles, and this area of the market has continued to feature transactions with strong credit profiles and attractive performance potential.”

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