LBC holds final close on $839m

The Philadelphia-based firm beat its $650m target.  

LBC Credit Partners has held a final close for its third Credit Partners fund on $839 million, beating its $650 million target and exceeding its initial hard-cap of $800 million.

The fund will be used to provide loans to mid-market companies, typically investing $10 million to $50 million per deal. LBC can structure loans across several segments of the capital structure, with loans taking the form of senior term, unitranche, second lien, junior secured and mezzanine debt.  

“We are pleased to complete fundraising initiatives and are appreciative of the strong support we received from the investor community,” said LBC managing partner John Brignola in a statement. “The successful fund raise validates our investment strategy that we have been executing over the last nine years.”

An LBC spokesperson had not responded to a request for comment at press time.

The firm had been marketing the fund since 2012 and received commitments from its existing investor base and new institutional partners, according to a statement. In April, the Pennsylvania Public School Employees’ Retirement System increased its $200 million commitment to $240 million, citing attractive fund terms and an anticipated mid-teen returns.

LBC is headquartered in Philadelphia. The latest close brings the firm’s committed capital under management to $1.75 billion.

Earlier this month, LBC provided a second lien term loan to Frontenac Company-owned Diversified Maintenance Systems, which provides janitorial and facilities maintenance services.