First Eagle Alternative Credit Announces Close of Over $1 Billion Fifth Direct Lending Fund
July 27 2022 - 8:30AM
First Eagle Alternative Credit ("FEAC" or “the Firm”), the $21
billion credit platform of First Eagle Investments, today announced
the close of 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.
About First Eagle Alternative CreditFirst Eagle
Alternative Credit is an alternative credit investment manager for
both direct lending and broadly syndicated investments with
approximately $21 billion in assets under management as of June 30,
2022. First Eagle Alternative Credit maintains a variety of
advisory and sub-advisory relationships across its investment
platforms. First Eagle Alternative Credit is a wholly owned
subsidiary of First Eagle Investments.
About First Eagle InvestmentsFirst Eagle
Investments is an independent, privately owned investment
management firm headquartered in New York with approximately $100
billion in assets under management as of June 30, 2022. Dedicated
to providing prudent stewardship of client assets, the firm focuses
on active, fundamental, and benchmark-agnostic investing, with a
strong emphasis on downside mitigation. With a heritage dating back
to 1864, First Eagle has helped its clients avoid permanent
impairment of capital and earn attractive returns through widely
varied economic cycles—a tradition that is central to its mission
today. The firm’s investment capabilities include equity, fixed
income, alternative credit, and multi-asset strategies.
Headquartered in New York, First Eagle Investments employs 434
people, including 90 investment professionals across 10 offices
worldwide. For more information on First Eagle, please visit
www.firsteagle.com.
Media ContactThomas Zadvydas
Stanton646-502-3538tzadvydas@stantonprm.com
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