LStar Capital has pulled out of its unitranche joint venture with Antares Capital, a spokesperson for Antares has confirmed with ABL Advisor. 

The news was first published in a report from PE Hub, which noted that Lone Star Funds has “decided to cease making new unitranche loan commitments through the Middle Market Growth Program."  No other information was available. 

LStar Capital, the credit affiliate of Lone Star Funds, joined the Middle Market Growth Program (MMGP) in January 2016 to provide private equity sponsors and borrowers with access to first lien unitranche loans. According to a press release announcing the joint venture, MMGP does not require rating agency meetings or a syndication process, giving borrowers flexible capital with speed and certainty. 

MMGP has the ability to provide up to $350 million in financing for a single transaction.