EUROPE - TowerBrook, LPs address credit gap with lending unit

LPs started the year defaulting on capital calls and sending letters to GPs asking (or demanding) they refrain from drawing money. What a difference a year makes - now most are honouring their commitments (though the calls are admittedly few and far between) and some are even actively looking to put more money to work by providing debt for deals. The Public Sector Pension Investment Board and OMERS Private Equity have teamed up with European mid-market player TowerBrook Capital Partners to launch a $700m independent commercial lending unit to be known as Haymarket Financial. The money, a permanent pool of equity capital, will provide credit to companies in the European mid-market.