Maranon sets target for $500m

The mid-market lender’s target matches the total its predecessor vehicle raised.

Maranon Capital is back in the market with its Maranon Senior Credit Strategies Fund V, a vehicle for which it is seeking $500 million, according to US Securities and Exchange Commission filings.

The Chicago-based mid-market lending firm’s fifth senior debt vehicle will have both levered and unlevered sleeves. Maranon provides first lien revolving credit facilities and senior secured debt to companies with between $5 million and $50 million of annual EBITDA, according to the firm’s website. The company finances acquisitions and growth financings, recapitalisations, corporate divestures and financings for employee stock ownership plans.

A Maranon representative was not immediately available for comment.

The fund’s predecessor, Maranon Senior Credit IV fund, raised $500 million in 2015, according to M2O Private Fund Advisors website. M2O served as placement agent on the fourth vehicle.

An earlier incarnation, Senior Debt II, raised $330 million in October 2013, surpassing the vehicle’s $200 million target. That fund also had its investment period extended by three years from 2015 to 2018, according to June 2015 meeting minutes from the Teachers’ Retirement System of the State of Illinois. TRS made a $30 million commitment to the fund, according to PDI data. Numbers for Fund III were not immediately available.