Freeport Financial closes sixth direct lending fund with $2bn raised
US lower mid-market direct lending manager Freeport Financial Partners has closed its sixth direct lending fund with $2bn (£1.5bn) in investable capital raised.
The Freeport First Lien Loan Fund VI was oversubscribed, exceeding its initial target by more than $200m, with total equity commitments of $1.2bn and $800m in targeted leverage.
Investors included public and private pension plans and insurance companies as well as endowments and foundations across North America, Europe and Asia.
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The fund invests primarily in directly originated and independently underwritten senior-secured first lien, floating rate loans to private equity-owned US lower middle market companies that have EBITDA between $3m and $25m.
Over the past year, the fund has deployed approximately 25 per cent of its capital across a diverse group of industries including business services, industrial components and healthcare services.
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“We are appreciative of the positive response to our most recent fund from both our existing and new investors to achieve a diversified base of limited partners,” said Josh Howie, managing director at Freeport Financial Partners.
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