Madison Capital Funding LLC has inked a deal with Orchard First Source that will allow Madison to increase its hold sizes.
Chicago-based Madison Capital will manage a $225 million senior funding vehicle, called OFS Capital WM, from Orchard. Madison Capital also will source new loans to support the vehicle's growth, says Chris Williams, a Madison senior managing director.
With the OFS vehicle, Madison's investments can be increased to roughly $45 million. Today, Madison Capital typically provides $20 to $25 million per deal. Madison Capital, a unit of New York Life, is a middle market lender that targets financial sponsors.