3i holds first close for mid-cap debt fund

Although details are scarce at this stage, the vehicle will invest in senior, secured, floating-rate loans to European mid-market companies. It will target returns of Euribor +5-7% and will have a three-year investment period, according to 3i. The vehicle is likely to finance mid-market private-equity backed transactions.

The fund's target is not known.

This marks the first fund of its kind for 3i, which already manages a range of CLOs targeting larger debt transactions. The manager closed its fifth CLO of 2014, Harvest X, on €466.5m last week.

3i Debt Management was established in 2011.

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• Topics
• Financing
• Funds
• 3i
• Senior debt