CIT, a division of First Citizens Bank, announced that its Asset-Based Lending business arranged a senior secured credit facility for FPA WhiteHawk III-Plus Master Fund L.P. to facilitate the Fund's investments.
 
The FPA WhiteHawk Fund seeks to earn attractive returns by sourcing and structuring asset-based loans to private and public companies. The credit facility leverages the Fund's existing portfolio and provides capital for future growth.

"CIT has a longstanding reputation as a premier asset-based lender," said Robert Louzan, President, WhiteHawk Capital Partners LP ("WhiteHawk Capital"), the sub-investment manager to the Fund. "We appreciated their expertise and agility in arranging this credit facility to support the Fund's growth."

"The Fund's portfolio managers from WhiteHawk Capital, and its investment adviser, First Pacific Advisors LP, are well-recognized in the industry for their success in identifying attractive asset-based lending targets," said Chris Esposito, managing director and group head for CIT's Asset-Based Lending Business. "We were pleased to arrange this credit facility and look forward to supporting future opportunities as they arise."

Asset-Based Lending, a part of CIT's Commercial Finance business, meets clients' working capital needs by offering innovative structures that reduce funding costs and lower operational risks while improving earnings by leveraging accounts receivable, inventory or fixed assets as collateral.