Funds and separately managed accounts closed since launch of Fund II total $1.7 billion, bringing total Private Credit platform to $3.3 billion
NEW YORK, 3 February 2022 – PineBridge Investments, a global asset manager, today 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.”
PineBridge Investments is a private, global asset manager focused on active, high-conviction investing. We draw on the collective power of our teams across each discipline, market, and region of the world through an open culture of collaboration designed to identify the best ideas. Our mission is to exceed clients’ expectations on every level, every day. As of 31 December 2021, the firm managed $148.7 billion across global asset classes for sophisticated investors around the world.
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Notes
1 The $1.7 billion of capital includes all PineBridge private credit focused separately managed account allocations, limited partner commitments, and fund-level leverage between 01 October 2020 through 31 January 2022.
2 The $3.3 billion of capital includes all PineBridge private credit focused separately managed account allocations, limited partner commitments, and fund-level leverage since inception through 31 January 2022.
3 The $2.9 billion loan activity includes all private credit investments made for a PineBridge fund / account since inception through January 2022.
Past performance is not an indication of future results.
Middle East