Key Takeaways
- • PineBridge Investments announced the final close of PineBridge Private Credit III ("Fund III") as of 30 January 2024, raising $1.7 billion including fund-level leverage, well above its $1.0 billion target.
- • The Fund III close lifts the total PineBridge Private Credit platform to $5.0 billion in capital, per the firm's footnoted definition covering SMA allocations, partner commitments, and fund-level leverage since inception through 31 January 2024.
- • Fund III will make directly originated senior secured loans to US-based, sponsor-backed lower-middle-market companies with EBITDA of $7.5 million to $30 million, focused on business services, consumer, healthcare, and specialty manufacturing.
- • Insurance investors led subscriptions, with participation from investors across regions and channels, according to Jim Fisher, Head of Private Credit.
- • The Private Credit team has committed $4.5 billion across 79 portfolio companies to date, many with long-seasoned private equity sponsor relationships.
Summary
PineBridge Investments, the private, global asset manager with $157.1 billion in firm-wide assets under management as of 31 December 2023, announced the final close of PineBridge Private Credit III ("Fund III") as of 30 January 2024, according to a Business Wire release dated February 6, 2024. The Private Credit team raised $1.7 billion of capital in Fund III, inclusive of fund-level leverage, exceeding its $1.0 billion target. Per the firm's footnotes, the $1.7 billion comprises $1.36 billion of partner commitments and fund-level leverage through 31 January 2024.
The close brings the total PineBridge Private Credit platform to $5.0 billion. The firm defines this figure as including all private credit-focused separately managed account allocations, partner commitments, and fund-level leverage since inception through 31 January 2024. Separately, the team has committed $4.5 billion of capital to 79 portfolio companies to date, measured by loan principal and inclusive of unfunded commitments.
Fund III will focus on directly originated senior secured loans to US-based, sponsor-backed lower-middle-market companies, largely in the business services, consumer, healthcare, and specialty manufacturing sectors. Target borrowers generally have EBITDA between $7.5 million and $30 million. The team is led by Jim Fisher, Head of Private Credit, along with Doug Lyons, Brian Senatore, and Joe Taylor.
Fisher said the close marks "a watershed moment" for the platform, with subscriptions from investors across regions and channels, led by insurance. He added that the firm can now "push forward with significant capital to build our business and fortify our leadership in the lower middle market." The release carries standard disclosures noting that past performance is not indicative of future results.
The close brings the total PineBridge Private Credit platform to $5.0 billion. The firm defines this figure as including all private credit-focused separately managed account allocations, partner commitments, and fund-level leverage since inception through 31 January 2024. Separately, the team has committed $4.5 billion of capital to 79 portfolio companies to date, measured by loan principal and inclusive of unfunded commitments.
Fund III will focus on directly originated senior secured loans to US-based, sponsor-backed lower-middle-market companies, largely in the business services, consumer, healthcare, and specialty manufacturing sectors. Target borrowers generally have EBITDA between $7.5 million and $30 million. The team is led by Jim Fisher, Head of Private Credit, along with Doug Lyons, Brian Senatore, and Joe Taylor.
Fisher said the close marks "a watershed moment" for the platform, with subscriptions from investors across regions and channels, led by insurance. He added that the firm can now "push forward with significant capital to build our business and fortify our leadership in the lower middle market." The release carries standard disclosures noting that past performance is not indicative of future results.
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