PineBridge Investments, a global asset manager, announced the close of PineBridge Private Credit, L.P. (the “Fund”), the firm’s first direct lending focused strategy.  The Fund closed on December 16th, 2019 with capital commitments of $396 million, and combined with a leverage facility through Wells Fargo Bank, NA, has $596 million of available capital. Including target allocations from separately managed accounts, the total initial PineBridge Private Credit platform is $1.7 billion.

The Fund’s investment strategy is to provide senior secured loans to US-based, sponsor-backed lower middle market companies through a direct origination strategy.  The Fund primarily targets investments in the business services, consumer, food and beverage, industrial and healthcare sectors with $7.5 to $30 million in EBITDA.

PineBridge formed the Private Credit team in early 2017 to augment the firm’s Alternatives business as a strategic initiative addressing client needs, with the addition of Managing Directors Jim Fisher, Doug Lyons and Joe Taylor.  Since 2017, the PineBridge Private Credit team has committed $866 million to 25 portfolio companies, primarily across senior secured first lien and unitranche loans, with all transactions completed alongside middle market sponsors.  The PineBridge team has led 14 of the 25 transactions.

“Our team has specialized in this area of private credit over many decades and through multiple credit cycles.  In combination with the resources of the PineBridge platform, we have the critical scale and capital to maintain a leadership position,” said Jim Fisher, Managing Director and Head of Private Credit. “We are very pleased to have worked with our investors to achieve this milestone of closing the first senior secured direct lending fund at PineBridge.”

The PineBridge Private Credit team has more than 85 combined years in the private credit market, spanning multiple credit cycles, with deep knowledge in key industry verticals. The team remains focused on building senior secured loan portfolios through their leadership and underwriting of loans that support leveraged buyouts, recapitalizations, and growth strategies for their long time sponsor relationships.