Principal Alternative Credit reaches $2bn direct lending milestone
Principal Alternative Credit has reached the$2bn (£1.58bn) lending milestone through its direct lending business.
The US-based firm had closed more than 115 transactions as of 31 December 2023, with more than $2bn in total borrower commitments.
Principal Alternative Credit was founded in July 2020 and provides flexible financing solutions across the middle-market direct lending sector.
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“Our strong relationships with a broad group of clients in the lower and core middle market has been key to us achieving the milestone of surpassing $2bn in commitments,” said Tim Warrick, managing director of alternative credit at Principal Asset Management.
“This accomplishment is yet another testament to our mission of providing differentiated financial solutions for our clients.”
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Principal’s alternative credit investment team is made of up 29 professionals who have experience across a variety of sectors.
The team invests in privately negotiated debt transactions with both sponsor-backed and non-sponsored lower and middle-market companies throughout North America which typically have revenue of $5m or more.
It targets transactions of between $25m and $200m, with a typical hold size of $20m to $50m.
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