PineBridge Investments announced that it will launch a new direct lending business, focusing primarily on U.S.-based middle market companies seeking capital for growth, acquisitions, leveraged buyouts and recapitalizations.

The company has hired three senior middle market professionals to support the new venture. Jim Fisher, a middle market industry veteran, will lead the New York-based Private Credit team, joined by Joe Taylor and Doug Lyons.

Previously, Fisher and his team led other middle-market direct lending platforms, most recently at Business Development Corp of America.

This team will expand PineBridge’s existing $28.5 billion credit platform, which currently includes Bank Loan CLOs, High Yield, as well as a junior capital-focused Structured Capital business. Mr. Fisher and his team have successfully built and led other middle market direct lending platforms over the last 25 years, most recently at Business Development Corp of America.

“Jim and his team are highly regarded in the private credit world and have numerous long term relationships with sponsors, intermediaries and lenders. They will be a great addition to our existing credit platform and will benefit from the Firm’s substantial credit research and operational resources,” said PineBridge CEO Greg Ehret.

PineBridge Investments is a global asset manager with experience in emerging and developed markets, and investment capabilities in multi-asset, fixed income, equities and alternatives. It manages $85.5 billion as of 30 June 2017 for a global client base that includes institutions, insurance companies, and intermediaries.