Andrew Hedlund
The two financial firms entered into a forbearance agreement with its borrower after a missed interest payment.
The private equity firm launched its credit arm in May with the addition of a BNP Paribas veteran.
The firm’s debut fund consisted mainly of investments in refinancings and commitments to private equity-backed borrowers.
Nuveen’s private credit arm specialising in senior loans could lever the vehicle up to 2x.
The firm made additional senior hires and appointments earlier this year.
The firm’s latest vehicle is its third in the last four years and sixth in the series since 2009.
The firm’s second fund consists of separate debt and equity vehicles; its first had made debt and equity investments from a single pool of capital.
On Fitch’s leveraged loan default watchlist, private equity-backed companies are well represented, but not beyond what one might expect.
The Bank of New York Mellon credit group’s debut fund focused on CLO mezzanine debt, while the second targeted CLO equity.
The New York-based mid-market lender cut its management fee and instituted a lookback period to its incentive fee calculation formula.