junior debt

About 90% of Penfund’s deals involve mid-market companies backed by sponsors like Leonard Green & Partners, Hellman & Friedman, Genstar Capital and OMERS Private Equity.

Crescent in January sold a 51% stake to SLC Management, the alternative asset unit of Sun Life, for up to $338m.

The BDC’s total fair value of its portfolio grew by nearly $9m since the previous quarter.

North Haven Credit Partners III has exceeded its target by 29%, and will focus on junior capital investments in private North American businesses.

The Frankfurt-based manager says more caution among banks during the pandemic has created opportunities for subordinated lenders.

The Small Business Credit Opportunities Fund II has beaten its target by $200m.

The strategic opportunities vehicle is targeting investments striving for consistent cash yield.

Some subordinated debt investors could face difficult scenarios as the pandemic wears on.

The $500m fund has started deploying capital, focusing on corporate and real estate investments across selected countries in Asia-Pacific.

Tom Sumpster’s departure comes after LGIM’s attempts to expand its infra strategy beyond senior debt hit roadblocks.