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The inaugural Senior Loan Fund doubled its initial target of $1.5bn, and will focus on sponsor-backed companies in the US and Canada.
The fund is seeking €2.5bn for a more conservative direct lending strategy.
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M&G Investments’ origination team has grown its portfolio from zero to nearly $500m in the region, focusing on consumers and trading companies.
The firm hopes to expand its UK footprint as other lenders remain overinvested in the country.
The fund will focus on investing in smaller firms but can arrange loans up to €100m alongside LPs.
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The fund had received support from the EIF to boost capital availability to SMEs.
The fund offers a mix of bank loans and long-term finance through a partnership with the wider BNP Paribas Group.
The firm’s credit unit is led by former GSO technology specialist Scott Eisenberg.
The vehicle hopes to acquire undervalued performing loans as a result of the coronavirus pandemic.
Tom Sumpster’s departure comes after LGIM’s attempts to expand its infra strategy beyond senior debt hit roadblocks.
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