PineBridge raises $1.7bn for third direct lending fund
PineBridge Investments has closed its third direct lending fund with an oversubscribed raise of $1.7bn (£1.35bn).
The ‘PineBridge Private Credit III’ is part of the asset manager’s lower-middle-market direct lending strategy.
The latest close – which surpassed its target size of $1bn – brings the firm’s total private credit platform to $5bn.
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The new fund will focus on making directly originated senior secured loans to US-based, sponsor-backed lower-middle-market companies, largely in the business services, consumer, healthcare, and specialty manufacturing sectors.
Loans are typically provided to companies with core earnings ranging from $7.5m to $30m.
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PineBridge’s private credit team has committed $4.5bn of capital to 79 portfolio companies to date.
“We are very excited to have our Private Credit III fundraise cross the finish line oversubscribed, hitting $1.7bn,” said Jim Fisher, head of private credit at PineBridge.
“This level marks a watershed moment for our platform’s growth with subscriptions landed from investors across regions and channels, led by insurance.
“We’ve had strong support for Fund III right from the very start, a testament to the strength of our business and veteran team. With Fund III in the books, we can push forward with significant capital to build our business and fortify our leadership in the lower middle market.”
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