Alcentra, Hayfin close two multi-billion direct lending funds

Denise Ko Genovese
09 March 2017

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Credit fund managers Alcentra and Hayfin Capital Management have raised significant amounts of capital for their latest direct lending efforts, with Alcentra closing on €4.3bn and Hayfin scoring €3.5bn.

Alcentra has held a final close on €4.3bn for its second European Direct Lending fund. The alternative fixed income specialist for BNY Mellon Investment Management now has more than €5.7bn in committed capital for direct lending. Since it launched the strategy in 2003, Alcentra has invested €5.3bn in European mid-market companies via senior debt, unitranche, second-lien, mezzanine and equity. The credit specialist was one of the first to participate in the HM Treasury Business Finance partnership initiative in 2012 to stimulate lending to SMEs.

The news comes on the back of fellow credit fund Hayfin raising more than €3.5bn for its second European direct lending strategy. Investors comprise public and private pension funds, sovereign wealth funds, insurance companies and endowments. As with its first direct lending fund, money will be deployed in senior secured loans to performing mid-market companies in Europe.