Elevation closes third private credit fund at £270m
Elevation Advisors completed the first closing of its Elevation Credit Partners III (ECP III) fund during the second quarter of this year at £270m.
The firm secured discretionary equity commitments from global pension capital, which will enable the fund to deploy £270m of debt financing in the UK senior housing real estate sector.
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ECP III aims to provide high-quality operators and developers of UK senior housing real estate with a range of customised loan financing options including investment term loans, development loans, mezzanine loans and preferred equity.
Loans will be sized between £10m and £100m, with LTV of up to 80 per cent and development LTC of up to 85 per cent, over a term of two to five years and will be used to support acquisitions, developments, lease-up, refinancing and recapitalisation.
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The successful capital raise marks Elevation’s third private credit vehicle. ECP III will focus on the delivery of positive outcomes in the senior housing market.
“Following the successful deployment of two previous senior housing private credit funds, we are delighted to raise capital that will further increase the supply of much-needed senior housing and elderly care beds, and provide sustainable, tailored funding solutions to high-quality operators in the UK,” said Zach Smith, investment director at Elevation.
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