LBC Credit Partners has so far raised $180 million for its Credit Partners IV Fund according to an SEC filing shown last Thursday (12 May). According to the filing, the fund is targeting $600 million, less than its previous iteration's close of $839 million and lower than the fund's previously rumoured $1 billion target.
An LBC representative did not return calls seeking further comment by press time.
CV Partners is working with LBC as placement agent on the fund, focusing its search in 32 US states according to the filing. LBC has enlisted 54 investors into the fund since the first sale at the end of April. Listed on the SEC filing are LBC executive managers Nathaniel Cohen, Christopher Calabrese and John Brignola.
LBC Credit Partners III closed on $839 million in May 2014, exceeding its initial target of $650 million and garnering investments from the City of Austin Police Retirement System, the Pennsylvania State Employee Retirement System and the Pennsylvania Public School Employee Retirement System (PSERS).
In late 2015 PSERS voted to commit up to $350 million to a separately managed account that was to be raised alongside the Credit Partners IV for secured loans to mid-market borrowers in North America. In April, Credit Partners IV also reportedly received a $20 million commitment from the City of Austin Police Retirement System.
LBC Credit Partners is a Philadelphia-based mid-market lender providing senior term, unitranche, second lien, junior secured and mezzanine debt to companies with EBITDA greater than $5 billion. The firm has $2.2 billion in capital commitments and typically invests between $10 million and $50 million per investment. LBC also maintains offices in Delaware, Connecticut and Chicago.