PineBridge launches debut direct lending strategy with $1.7bn

The New York-based asset manager has raised the capital through a fund and separately managed accounts.

PineBridge Investments, the New York-based global asset manager, has closed its debut direct lending strategy on $1.7 billion.

The capital includes commitments of $396 million for the PineBridge Private Credit LP fund, supplemented by a $200 million leverage facility provided by Wells Fargo Bank. The rest is accounted for by separately managed accounts.

Through the platform, the firm will provide senior secured loans to US-based, sponsor-backed lower mid-market companies through a direct origination strategy. Target companies will have EBITDA of between $7.5 million and $30 million. Priority will be given to the business services, consumer, food and beverage, industrial and healthcare sectors.

PineBridge established its private credit team in 2017 as an addition to its alternatives business, bringing in managing directors Jim Fisher, Doug Lyons and Joe Taylor. All three had previously worked together at the Business Development Corporation of America, a non-traded business development company.

Since 2017, the private credit team has committed $866 million to 25 companies through senior secured first lien and unitranche loans. All the deals have been completed alongside mid-market sponsors and PineBridge has led 14 of them.

At the end of September 2019, PineBridge managed $97 billion on behalf of investors in multi-asset, fixed-income, equities and alternatives strategies. The firm is majority owned by a subsidiary of Pacific Century Group, an Asian private investment firm.