Francisco Partners has closed its new credit fund at $750 million. FP Credit Partners LP will focus on the technology credit market. Simpson Thacher & Bartlett LLP served as legal adviser on FP Credit Partners on the fundraising.
SAN FRANCISCO & LONDON & NEW YORK–(BUSINESS WIRE)–Francisco Partners (FP) today announced the closing of FP Credit Partners, L.P., a $750 million opportunistic credit fund focused on the rapidly expanding technology credit market.
“Credit is a natural extension of our platform that allows us to further leverage our domain knowledge and relationships across the technology industry,” said Dipanjan “DJ” Deb, co-founder & CEO of Francisco Partners. “The strong in-house technology credit expertise we have added to our team in recent years has increased the number of ways FP can partner with companies and entrepreneurs.”
FP Credit will look to deploy capital in both private and public opportunities across a wide array of situations including growth initiatives, supporting business model transitions, and solving liquidity needs. To build FP’s credit platform, the firm hired Scott Eisenberg in 2017 from GSO Capital Partners, where he had focused on technology credit investments since 2007. “The FP credit platform is extremely well positioned to be a go-to source for flexible, customized capital solutions for a wide range of technology-focused companies,” said Eisenberg, FP’s head of credit.
“Having spent my career investing in technology credit, being part of the FP platform has tremendous advantages, such as unique sourcing and deep domain expertise,” said Eisenberg. FP’s credit team has a combined 35 years of experience in credit markets, which provides the team insight into identifying creative solutions for companies as well as experience investing in public markets.
“In addition to providing capital directly to businesses, we are also finding very attractive public market opportunities during the current market dislocation,” added Eisenberg. Most recently, FP provided a structured credit solution to Eventbrite, a ticketing platform for live events, to enable the company to navigate temporal challenges related to COVID-19.
“We are grateful for our limited partners’ support of our credit platform,” said Andrew Brown, partner & head of marketing and investor relations. “We feel LPs appreciate that our deep history of investing in technology companies provides us with differentiated opportunities and insights as a credit investor.”
Simpson Thacher & Bartlett LLP served as legal adviser on FP Credit Partners.
About Francisco Partners
Francisco Partners is a leading global private equity firm that specializes in investments in technology and technology-enabled businesses. Since its launch 20 years ago, Francisco Partners has raised more than $24 billion in committed capital and invested in more than 275 technology companies, making it one of the most active and long-standing investors in the technology industry. The firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit franciscopartners.com.