LBC Credit sets $1bn goal for fourth fund

The Philadelphia mid-market lender is back out marketing its fourth fund after closing LBC Credit Partners III at $839m in May last year.

LBC Credit Partners is in the process of raising its LBC Credit Partners IV fund with a $1 billion target, PDI understands.

The Philadelphia-based mid-market lender closed LBC Credit Partners III fund on $839 million in May 2014, according to a statement from the firm at the time. Those assets far exceeded the firm's target for the fund, which was at $650 million. The firm originates a portfolio of direct loans to American companies across a range of industries.

The Pennsylvania Public School Employees Retirement System (PSERS), the Pennsylvania State Employees Retirement System and the City of Austin Police Retirement System were investors in the third fund, according to PDI Research & Analytics. PSERS recently re-upped with the manager by committing $250 million to a separate account with LBC, which will invest alongside the fourth fund and other successor funds.

LBC Credit is a provider of mid-market financing offerings including senior, unitranche, second lien, junior secured and mezzanine debt and equity co-investments supporting sponsored and non-sponsored transactions. The firm typically invests $10 million to $50 million per transaction backing buyouts, acquisitions, growth strategies, recapitalizations, refinancing and restructurings. In addition to its Philadelphia headquarters, LBC has offices in Chicago and Greenwich, Connecticut.

John Brignola, managing partner at LBC, declined to comment.