LBC Credit Partners ("LBC”) announced the closing of LBC Credit Partners III, L.P. (“LBC III”) fund, with $839 million of equity capital commitments. This exceeded both its target of $650 million and its initial hard cap of $800 million. The new fund will continue LBC’s strategy of originating, executing, and managing a diversified portfolio of direct loans and investments in U.S. middle market companies across a broad range of industry sectors.
LBC was supported by its existing investor base and secured additional support from several new institutional partners.
“We are pleased to complete fundraising initiatives and are appreciative of the strong support we received from the investor community,” said John Brignola, managing partner of LBC. “The successful fund raise validates our investment strategy that we have been executing over the last nine years."
The new fund brings LBC’s total capital commitments to over $1.75 billion and follows the firm’s LBC Credit Partners II, L.P., a $642 million fund, which closed in 2010; and a $300 million inaugural fund which closed in 2006. Over the course of LBC Credit Partners II, LBC celebrated its 100th relationship; more than doubled its staff of investment and operations professionals; and invested over $2 billion in support of acquisitions, growth strategies, refinancings, recapitalizations and restructurings by U.S. middle market companies and their sponsors.
“Our pool of capital and experienced team of investment professionals allows us to deliver creative financing solutions with speed and certainty of execution. With a long-term, lend and hold strategy, we offer the financial stability that middle-market companies and their sponsors require,” added Brignola.
LBC Credit Partners is a leading provider of middle-market financing solutions including senior term, unitranche, second lien, junior secured and mezzanine debt and equity co-investments supporting sponsored and non-sponsored transactions. LBC has made investments in companies located throughout North America across a wide range of industries and is committed to a long-term approach to debt investing. Headquartered in Philadelphia, LBC has additional offices in Chicago and Greenwich.