Middle-market private equity firms may have a new source of leveraged financing: Their limited partners.
Erin Griffith reports for Buyouts (sub req) that Gryphon Investors recently closed a series of transactions with debt provided by its own fund investors. The first was a purchase and merger of Accelerated Rehabilitation Centers and Occusport Physical Therapy, which included mezzanine notes from Gyphon LPs New York Life and Thrivent Financial (Orix led the senior facility).
