Westbrooke secures £25m facility for UK private debt fund
Westbrooke Alternative Asset Management has received a £25m credit facility from Rand Merchant Bank (RMB) for its UK private debt fund.
The Westbrooke Yield Plus fund recently passed £100m in assets under management. As of October 2023, the fund had more than £120m invested, and is on track to deliver a 2023 net investor yield of nine per cent.
The new credit facility will allow the fund to offer a wider spectrum of opportunities, manage its cash more effectively, increase its financial leverage, and scale up.
“We are proud to have partnered with RMB,” said Richard Asherson, managing director of Westbrooke UK.
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“Their expertise in the financial sector and their support throughout the implementation process has been exceptional.
“This transaction marks a significant milestone for Westbrooke UK and the fund, reinforcing our commitment to delivering innovative debt solutions to lower-mid market borrowers and originators across the UK.”
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Xolela Albert, lead transactor in RMB’s leveraged finance team was bullish on the UK private debt market and praised the Westbrooke brand.
“We are excited to provide Westbrooke with market leading solutions to assist their investment objectives,” said Albert.
“We believe in the quality of the Westbrooke offering and the brand they are building in the UK market. This facility will enable them to leverage new opportunities and contribute to their continued growth.”
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