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PineBridge Private Credit Closes Oversubscribed Third Direct Lending Fund
PineBridge Private Credit closes oversubscribed third direct lending fund at $1.7 billion,1 bringing total Private Credit platform to $5.0 billion2
NEW YORK, 5 February 2024 – PineBridge Investments (“PineBridge”), a private, global asset manager focused on active, high-conviction investing, today 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 billion1 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.2
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 billion3 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.”
Footnotes
1 The $1.7 billion of capital includes $1.36 billion of partner commitments and fund-level leverage through 31 January 2024.
2 The $5.0 billion of capital includes all PineBridge private credit focused separately managed account allocations, partner commitments, and fund-level leverage since inception through 31 January 2024.
3 The $4.5 billion of capital includes all private credit investments made for a PineBridge fund / account since inception through 31 January 2024. Capital is measured by loan principal and is inclusive of unfunded commitments.
Past performance is not an indication of future results.
Disclosure
Investing involves risk, including possible loss of principal. The information presented herein is for illustrative purposes only and should not be considered reflective of any particular security, strategy, or investment product. It represents a general assessment of the markets at a specific time and is not a guarantee of future performance results or market movement. This material does not constitute investment, financial, legal, tax, or other advice; investment research or a product of any research department; an offer to sell, or the solicitation of an offer to purchase any security or interest in a fund; or a recommendation for any investment product or strategy. PineBridge Investments is not soliciting or recommending any action based on information in this document. Any opinions, projections, or forward-looking statements expressed herein are solely those of the author, may differ from the views or opinions expressed by other areas of PineBridge Investments, and are only for general informational purposes as of the date indicated. Views may be based on third-party data that has not been independently verified. PineBridge Investments does not approve of or endorse any republication of this material. You are solely responsible for deciding whether any investment product or strategy is appropriate for you based upon your investment goals, financial situation and tolerance for risk.
About PineBridge Investments
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 2023, the firm managed $157.1 billion across global asset classes for sophisticated investors around the world.