Phoenix launches private credit and lending solutions platform
Phoenix Merchant Partners has launched a new private credit and lending solutions platform, to provide financing to mid-market businesses.
The platform was rolled out on 10 January and has already completed its first transaction, to Gryphon Holdings, a company involved in quota share non-catastrophic property and casualty reinsurance services.
The deal will provide for the capitalisation of Gryphon’s balance sheet and the future growth of its reinsurance program.
Under the terms of the transaction, investment manager Phoenix and related parties may continue to provide additional growth financing over the course of the next several months.
The Phoenix platform was launched in response to growing demand for mid-sized enterprise funding.
Read more: JPMorgan raising $3bn to grow its private credit strategy
“We see significant unmet financing needs among unsponsored businesses in the middle market and believe our creativity, prudent approach to structure and focus on process uniquely position us to identify and execute on that differentiated opportunity set,” said Art Mbanefo, Phoenix’s founder, chief executive and chief investment officer.
“We are excited to launch this part of our platform through our relationship with Gryphon, which provides testament to our ability to pivot and offer bespoke financing solutions that match company and industry dynamics.”
Phoenix has also announced a number of senior appointments at the firm. Adrian Macedo has joined as managing director and head of investments from ORIX USA.
Julia Henderson has been hired as managing director, insurance solutions effective 1 February. She previously served as president and head of portfolio management at Stable Corporation, where she remains on the board of directors.
Read more: Abrdn sees “robust” demand for private credit
And former Abu Dhabi Investment Authority chief investment officer Benjamin Weston has joined Phoenix’s advisory board.
“Our people will always be our greatest asset, and the addition of these incredibly talented and highly-regarded professionals provide further testament to the opportunity we see for our platform,” said Mbanefo.
“In founding Phoenix, I set out to build a truly institutional business, and we have established an exceptional foundation of insight and experience from which to grow.
“We look forward to continuing to strategically expand our team and advisory board as we work with high quality companies and investment partners.”
Read more: Morgan Stanley to double private credit portfolio
