London-based investor Pollen Street Capital has held a first close of its latest credit fund, according to sources close to the company.
Private Debt Investor understands that the PSC Credit Fund III has now raised more than £300 million ($417 million; €351 million) for its strategy which invests in asset-backed senior loans to non-bank lenders.
The loans are secured against the lenders’ portfolios of loans and receivables. It targets lenders that focus on parts of the market that do not compete with bank lending.
Pollen Street was founded in 2013 and has deployed £2.3 billion to its credit strategy across 80 deals.