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PineBridge Private Credit Closes Oversubscribed Third Direct Lending Fund

February 07, 2024, 07:58 AM
Filed Under: Industry News

PineBridge Investments, a private, global asset manager focused on active, high-conviction investing, announced the final close of PineBridge Private Credit III ("Fund III") as of 30 January 2024, as part of the firm’s lower-middle-market direct lending strategy. Inclusive of fund-level leverage, the Private Credit team raised $1.7 billion of capital in Fund III, above its target size of $1.0 billion. This latest close brings the total Private Credit platform to $5.0 billion.

Fund III 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. Loans are typically provided to companies with EBITDA ranging from $7.5 million to $30 million.

Led by Jim Fisher (Head of Private Credit), Doug Lyons, Brian Senatore, and Joe Taylor, the Private Credit team has committed $4.5 billion of capital to 79 portfolio companies to date, many with long-seasoned private equity sponsor relationships.

"We are very excited to have our Private Credit III fundraise cross the finish line oversubscribed, hitting $1.7 billion," said Jim Fisher, Head of Private Credit at PineBridge Investments.

"This level marks a watershed moment for our platform’s growth with subscriptions landed from investors across regions and channels, led by insurance. We’ve had strong support for Fund III right from the very start, a testament to the strength of our business and veteran team. With Fund III in the books, we can push forward with significant capital to build our business and fortify our leadership in the lower middle market."

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