Freeport Financial Partners LLC, a middle-market direct lending manager, has raised $518 million for its third fund. The limited partners of Freeport First Lien Loan Fund III included public and private pension plans, insurance companies, endowments and foundations in North America and Europe. Fund III will invest in senior-secured first lien, floating rate loans to private equity-owned U.S. middle market companies that have revenues between $25 million and $100 million. FIRSTavenue served as the fund’s placement agent.
Chicago, October 26, 2016: Freeport Financial Partners, LLC (“Freeport”), a U.S. middle market direct lending manager, today announced the final closing of Freeport First Lien Loan Fund III LP (“Fund III”) with equity commitments totaling $518 million. Including targeted fund leverage, this gives Freeport approximately $960 million of investible capital. Fund III obtained commitments from a wide range of institutional investors including public and private pension plans, insurance companies as well as endowments and foundations across North America and Europe.
Fund III invests primarily in directly originated and independently underwritten senior-secured first lien, floating rate loans to private equity-owned U.S. middle market companies that have revenues between $25 million and $100 million and EBITDA between $3 million and $25 million. Over the past year, Fund III has deployed approximately 35% of its capital across a diverse group of industries including business services, industrial components and healthcare services.
“We are pleased with the response to our most recent fund from both our existing and new investors to achieve a diversified base of limited partners,” said Josh Howie, Managing Director at Freeport.
“We would like to congratulate Freeport on a successful fundraise. We look forward to continuing our relationship with the team and we wish them continued success” commented Paul Buckley, Founder and Managing Partner of FIRSTavenue, the placement agent for the Fund.
About Freeport Financial
Freeport has the industry expertise, product knowledge and flexibility to serve the financing needs of private equity investors and the management teams with whom they invest. Freeport’s principals have invested together since 2005 and have deployed more than $2.0 billion across more than 135 companies. Freeport became part of Moelis Asset Management LP in 2012, and is committed to providing highly competitive financing solutions to middle-market companies.
FIRSTavenue is a leading global advisory and capital placement business focused on private funds and private companies. FIRSTavenue covers the significant investors in the developed world and the developing world.
FIRSTavenue is differentiated by the breadth and depth of its reach through five global offices and benefits from a large team of former pension consultants on staff. FIRSTavenue’s clients include leading GPs and management teams across the key private market and industry sectors: private equity, private credit, real estate and real assets.