Abacus Finance passes $1bn in origination volume

The New York-based lower mid-market lender has also announced a new hire and several promotions.

Abacus Finance Group has originated $1 billion across 40 transactions since its launch in 2011, the New York-based mid-market lender said.

The firm, which provides senior financing to sponsor-backed companies, has recently added a new hire to its investment staff and promoted three existing employees.

Abacus led over $325 million in loan commitments to a mix of new and existing private equity clients, said chief executive Tim Clifford.

“The drivers of our growth have been our exclusive focus on financing smaller buyouts, and the fact that we lead virtually all of our transactions, often taking equity co-investment positions alongside the sponsors we serve,” he added.

The firm now has 10 people on its investment team, having hired Jonathan Choa as a senior associate. Choa works on structuring, underwriting and executing new loans. He was previously an associate at Bank of America Merrill Lynch in the leveraged finance group and an associate at Jefferies Group in the same group.

Abacus also promoted director Sean McKeever to managing director and chief operating officer. Aized Rabbani, a senior vice-president, was promoted to director, while associate Brian Green was promoted to senior associate.

McKeever is a founding member of Abacus, with 10 years' experience in leveraged finance. Before Abacus, he was a first vice-president and founding member of Amalgamated Capital where he led the underwriting of senior debt financing. He was formerly a vice-president at Churchill Financial and a founding member of the leveraged finance group at Comerica Bank.

Rabbani joined Abacus in 2014 from JPMorgan, where he was an executive director in the investment banking corporate credit group. He previously held other roles in the mezzanine and leveraged finance groups.

Green came on board in 2014 from Aterian Investment Partners, where he was an associate. He was previously an associate at Wafra Partners and an analyst at Sawaya Segalas.

Abacus Finance is a direct-lending company focused on providing cashflow senior financing to private equity-sponsored, lower mid-market companies in the US. The firm targets debt financing opportunities of up to $50 million with a typical hold size of $10 million-$30 million. The companies Abacus lends to typically have EBITDA of $3 million-$15 million. 

Abacus is an affiliate of New York Private Bank & Trust, the holding company for Emigrant Bank.