Australia's pension funds will be forced to push more money into less traditional assets -- such as apartment developments and even direct lending to companies -- after the strong recent performance of equities and fixed-income left valuations lofty in public markets.
The credit investment arm of private equity company Thomas H. Lee Partners has raised $511 million for its third direct lending fund reportedly aimed at mid-sized private companies in healthcare, financial services and software. The new fund from THL Credit Advisors LLC was oversubscribed and closed above its target, the company said in a statement. The firm's lower middle market direct origination platform offers vertical specialization and synergies with its tradable credit platform and private equity parent. "The successful close of this fund is an acknowledgement of our experience as a leading, specialized lender in the lower middle market and...
FS Investments, a leading alternative investment manager and the largest manager of business development companies (BDCs), announced that its BDC direct lending platform committed more than <span class="xn-money">$1.4 billion</span> in senior secured loans and other debt and equity financing to middle market companies in the first quarter of 2017. The directly originated investments supported seven new portfolio companies and provided financing to several existing portfolio companies during the quarter.
Infrastructure has become a key area of focus for institutional investors as they look to diversify their fixed income portfolios to access longer term, resilient credit opportunities for income-like returns. Within this asset class, infrastructure debt is on the rise as investment managers look to construct new debt vehicles: either to provide direct lending to infrastructure operators, to access well-established municipal bond markets, or to structure their own private lending programs by issuing tranches of unlisted bonds.
<p>FS Investments, a leading alternative investment manager, announced that its business development company (<a data-include="300371748" href="https://www.fsinvestments.com/learn/articles/business-development-companies" rel="nofollow" target="_blank">BDC</a>) direct lending platform committed approximately $988 million in senior secured loans and other debt and equity financing to middle market companies in the third quarter of 2016, bringing its year-to-date total originations to more than $2.2 billion. New directly originated investments during the quarter were made in support of nine portfolio companies headquartered in seven U.S. states.</p>
KKR has closed two direct lending deals at over $275 million. The firm will provide financing to Roompot, an operator of holiday parks in Europe and Exterion Media, an outdoor advertising company based in the UK and Europe.
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Direct lending specialist Freeport Financial Partners has raised $518 million in equity commitments for its third fund, primarily focused on senior-secured first lien, floating rate loans made to PE-owned U.S. middle-market companies.
Fast-growing alternative business structure Knights Professional Services has moved on from private equity funding and giving away an ownership stake, and turned to a major European lender to finance to next stage of its expansion. We revealed last month that James Caan has sold his stake in the firm.
The mid-sized University of Oregon endowment beat the performance of some of the bigger funds in fiscal 2016, thanks in part to investments in private equity and real estate. The $755 million endowment said it earned 2.5 percent in the year through June 30, the largest investment gain by U.S. college endowments reporting so far. At least 11 U.S. universities with assets of more than $1 billion had declines for the fiscal year. The Massachusetts Institute of Technology bucked the trend, posting a 0.8 percent gain on its $13.2 billion endowment.