Alcentra closes direct lending fund on €850m

The vehicle was launched in August 2013 and had an initial target of €500m. It was raised with the support of an unnamed placement agent.

The fund was modeled around a portfolio of investing 50% through unitranche facilities, 25% through senior loans and the remaining 25% through mezzanine and other products, according to Paul Hatfield, Alcentra chief investment officer, speaking to unquote".

Investors
The fund received commitments from pension funds, insurance companies, endowments, foundations, wealth managers and asset managers.

Geographically, investors were split 50:50 between the US and the rest of the world.

Investments
The vehicle will seek to provide debt financing for mid-market companies in Europe. Alcentra invests through senior debt, unitranche, second-lien, mezzanine and equity structures.

The fund will look to support sponsor-led as well as sponsorless transactions.

People
Graeme Delaney-Smith is managing director and head of European direct lending for Alcentra. David Forbes-Nixon is chairman and CEO of Alcentra.

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• Topics
• Funds
• Fundraising
• Senior debt