PineBridge closes structured capital fund on $600m

The vehicle, which invests in mezzanine debt and structured equity, surpassed its target by $100m.

PineBridge Investments has held a final close on its third structured capital fund at $600 million. The amount raised exceeds the firm’s $500 million target, according to a statement from PineBridge.

The PineBridge Structured Capital Partners III fund will invest in junior capital, including mezzanine debt and structured equity issued by private mid-market companies in North America.

Most limited partners from the prior fund have signed up for fund III, said FT Chong, head of PineBridge Structured Capital. New investors include institutions in the US, Europe, the Middle East and Asia, he added.

The previous fund closed on $200 million in July 2012, according to PDI sister title Private Equity International reporting at the time.

The firm completed about $2.1 billion in structured capital transactions across industries since 2000. The money was invested in 80 deals, according to the firm’s website.

PineBridge is headquartered in New York and has multiple global offices. It invests in a variety of traditional and alternative strategies. The firm has $84.5 billion in assets under management with clients that include institutions, insurance companies and intermediaries.

The firm is majority owned by Asian investor Pacific Century Group, which bought the asset manager from US insurer AIG in 2010.