PineBridge cashes in on the private credit boom with $1.7bn platform

New York firm PineBridge Investments announced the closing of its first direct lending fund and a $1.7 billion private credit platform.

The PineBridge Private Credit fund closed with $396 million in capital commitments and with a leverage facility through Wells Fargo, the firm has another $596 million of available capital to put to work.

The $97 billion firm’s private credit team was established in early 2017 as a strategic initiative addressing client needs with the addition of managing directors Jim Fisher, Doug Lyons and Joe Taylor.

Prior to joining PineBridge, the trio worked at Business Development Corp. of America, where the team was responsible for originating and managing more than $2.5 billion in middle market senior secured loans. Fisher was president of the firm.

Since 2017, the team has committed $866 million to 25 portfolio companies across primarily senior secured first lien and unitranche loans. To date the team has led 14 of the 25 transactions and worked alongside middle market sponsors, according to a firm announcement this week.

“Our team has specialized in this area of private credit over many decades and through multiple credit cycles,” said Fisher, who is managing director and head of private credit at PineBridge. “In combination with the resources of the PineBridge platform, we have the critical scale and capital to maintain a leadership position.”

The new fund’s investment strategy is to provide senior secured loans to U.S.-based, sponsor-backed lower middle market companies through a direct origination strategy. The target investment areas include business services, consumer, food and beverage, industrial and healthcare sectors with $7.5 million to $30 million in EBITDA.

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