Eagle Point provides lower mid-market lender Pasadena with $105m funding

Eagle Point Credit Management has provided lower middle-market credit provider Pasadena Private Lending (PPL) with a $105m (£76.1m) commitment to expand its lending capabilities.

Eagle Point, a $13bn private credit specialist, will become a “strategic partner” in PPL as a result of the investment, the firms said.

PPL is a California-based private credit firm providing senior secured loans to lower- and middle-market businesses, typically ranging from $2m to $15m. It said that Eagle Point’s multi-layer capital approach will enable it to deploy capital more quickly to better support borrowers.

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“We were attracted to Eagle Point because of their long-standing track record in private credit and their entrepreneurial mindset,” said Iain Whyte, founder and chief executive of PPL. “They understand our business, our borrowers, and the importance of speed, certainty and alignment in the lower middle market.”

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“PPL has built a compelling platform serving smaller, privately held companies and the entrepreneurs behind them,” said Anthony Martinez, principal at Eagle Point. “Our commitment, which consists of both debt and equity, reflects our confidence in PPL’s business and aligns our interests with its long-term success.”

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GreensLedge Capital Markets acted as financial adviser to PPL on the deal.