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First Eagle Alternative Credit Closes Fifth Direct Lending Fund at Over $1B

July 28, 2022, 07:58 AM
Filed Under: Private Equity News

First Eagle Alternative Credit ("FEAC" or “the Firm”), the $21 billion credit platform of First Eagle Investments, closed its fifth direct lending fund at over $1 billion in total available capital, including leverage (the “Direct Lending Fund V”). In the past 12 months, the Firm has created over $2.2 billion in available capital 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.

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

FEAC provides loans to private equity-owned companies with an EBITDA between $5 million and $50 million, with an emphasis on companies with approximately $25 million of EBITDA. The Firm seeks senior financing opportunities of up to $250 million with hold sizes across the FEAC platform ranging from approximately $25 million to $125 million.

Since its founding as THL Credit in 2007, the Firm has closed over 495 transactions and provided over $6.5 billion in financing solutions to middle market companies primarily in FEAC’s key industry verticals: business and financial services; healthcare; information services & technology; and consumer services.

“Our successful closing of Direct Lending Fund V is a validation of our industry oriented, direct lending business as a financing strategy for sponsor-backed, middle market companies. With our scale, experience, and lending power, we help drive capital to private equity transactions supporting middle market companies and continue enhancing our network of sponsor relationships,” added Flynn.

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