Eldridge and Raymond James launch private credit business
Eldridge Industries and Raymond James have joined forces to launch a new private credit business.
The new venture will be called Raymond James Private Credit, and it will offer private credit solutions to portfolio companies of private equity firms.
It will focus on four key sectors: consumer; diversified industrials; healthcare; and technology and services.
Read more: Eldridge Industries in talks to buy Hayfin
The new firm will be headed by Omer Masud. Masud was head of origination and capital markets at Onex Falcon, and prior to that he was a managing director in Macquarie’s Financial Sponsors group.
Earlier this week, Eldridge Industries was reported to be in advanced talks to acquire private lender Hayfin.
The $80bn (£63.68bn) investment house is believed to be keen to expand into the booming private credit space through a series of acquisitions and partnerships.
Read more: Raymond James bolsters private capital business with four bankers
Raymond James has been a publicly-traded firm since 1983, with shareholder equity in excess of $10.9bn. It is one of the largest middle market M&A platforms in the US, covering more than 1,100 private equity firms.
The private credit sector is estimated to be worth $1.7tn at present, but a recent report from PitchBook found that private debt assets under management could soar as high as $2.7tn by 2028. Direct lending is expected to remain the largest segment of the market.
Read more: Arrow Global acquires Spanish credit manager Amitra Capital
