TPG and CIT partner to launch senior loan fund

TPG’s credit platform TPG Special Situations Partners has teamed up with middle market lender CIT Group Inc to launch a fund, both companies announced today.

The initial target is $500 million.

According to a spokesperson at CIT, the fundraising has been completed, with both TPG and CIT contributing to the fund.

The fund, known as Strategic Credit Partners, will focus on providing senior secured funding to American companies in various sectors that include communications, healthcare, information services and technology, industrials and restaurants.

CIT Asset Management LLC will serve as a placement agent.

Deutsche Bank provided financial advice to CIT on the joint venture.

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