Maranon closes Senior Credit II

Leverage for the $330m fund was arranged by SunTrust Bank. 

Maranon Capital closed its second senior credit fund on $330 million, the firm announced in a statement Wednesday.

SunTrust Bank arranged and agented a credit facility to provide leverage for Maranon Senior Credit Fund II.

“The successful close of Senior Credit Fund II represents an exciting opportunity to expand the scale and range of financing solutions Maranon can offer,” managing director Rich Jander said in a statement. “We now have meaningful incremental capacity for additional senior term, unitranche and second lien transactions.”

Jander had not responded to a request for comment at press time.

In May, the Teachers’ Retirement System of the State of Illinois committed $30 million to the fund through its emerging manager programme and fixed income allocations.  Limited partners in previous Maranon vehicles include the Arizona State Retirement System and the Michigan 21st Century Investment Fund, according to Private Equity International’s Research and Analytics division.

Maranon specialises in providing senior financing, mezzanine debt and equity co-investments for mid-market companies. The firm manages $830 million in committed capital and maintains offices in Chicago; Birmingham, Michigan and South Bend, Indiana.