News Briefs

First Eagle Alternative Credit wraps up fifth direct lending fund at over $1bn

FEAC provides loans to private equity-owned companies with an EBITDA between $5 million and $50 million.

-
  • Since its founding as THL Credit in 2007, FEAC has closed over 495 transactions and provided over $6.5 billion in financing solutions to middle market companies
  • FEAC has about $21 billion in assets under management as of June 30, 2022
  • Chris Flynn serves as president of FEAC

First Eagle Alternative Credit, the credit platform of First Eagle Investments, has closed its fifth direct lending fund at over $1 billion.

In the past year, First Eagle Alternative Credit has created over $2.2 billion in available capital to support its direct lending origination business through two middle market CLOs, an interval fund, and separate accounts in addition to the Direct Lending Fund V.

“Direct lending is a vital financing strategy for middle market businesses and their backing sponsors,” said Chris Flynn, president of First Eagle Alternative Credit, in a statement. “Investors value our proprietary deal flow and as a result there was healthy demand for participation in our Direct Lending Fund V. Following record deployment in directly-originated loans in 2021, we are well-positioned to further build our portfolio, and we will continue to serve as a reliable lending partner to both new and existing sponsor clients.”

FEAC provides loans to private equity-owned companies with an EBITDA between $5 million and $50 million, with an emphasis on companies with approximately $25 million of EBITDA.

Since its founding as THL Credit in 2007, FEAC has closed over 495 transactions and provided over $6.5 billion in financing solutions to middle market companies primarily in FEAC’s key industry verticals: business and financial services; healthcare; information services & technology; and consumer services.

First Eagle Alternative Credit is an alternative credit investment manager for both direct lending and broadly syndicated investments with approximately $21 billion in assets under management as of June 30, 2022.
First Eagle Investments is an independent, privately owned investment management firm headquartered in New York with approximately $100 billion in assets under management as of June 30, 2022.