Dell’s family office backs new private credit fund
The family office of Dell founder Michael Dell has provided the first outside capital to 5C Investment Partners – a new private credit investment firm run by two former Goldman Sachs executives.
Family office DFO Management will take a passive stake in 5C and will invest in the firm’s inaugural fund, which will provide senior loans to mid-sized and large businesses.
5C is run by private credit veterans Tom Connolly and Mike Koester, who were both partners in Goldman Sachs’ private credit and alternatives divisions, respectively.
Both Connolly and Koester left the asset manager in April 2023 and launched 5C the following September.
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The duo have been credited with helping Goldman Sachs to develop its direct lending business and raised a $10bn (£7.94bn) credit fund following the collapse of Bear Stearns in 2008.
They are now focused on direct lending via 5C. The first fund will initially focus on the US, with scope to expand into Europe.
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“We believe that the long-term outlook for credit-oriented investments is attractive and that now is an ideal entry point for our team to leverage its experience and capabilities to serve our clients,” Connolly said in a statement.
Dell has previously backed a number of other private credit firms, including Blue Owl Capital.
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