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Cliffwater’s company lending fund has closed its seventh senior secured notes providing with $1.37bn (£1.07bn) raised.
The Cliffwater Company Lending Fund (CCLFX) is an interval fund centered on company center market direct lending.
The investment-grade notes are secured by CCLFX’s belongings and have staggered maturity dates type three to 12 years.
The proceeds from the providing shall be used to assist continued progress within the steadiness sheet, Cliffwater mentioned.
Learn extra: Cliffwater fund completes $760m secured notes providing
CCLFX had over $21.2bn in internet belongings as of 31 July, up from round $15.6bn on the finish of final yr.
“A transaction of this dimension and scale that additionally reduces our total value of financing is a testomony to CCLFX’s total workforce and its capacity to faucet the debt capital markets in a differentiated means,” mentioned Daniel Lepore, managing director and head of legal responsibility administration.
“We thank every of our lender companions for his or her sturdy and continued assist.”
Learn extra: Principal predicts “manageable” default charges for direct lending market
Stephen Nesbitt, portfolio supervisor of CCLFX and chief government of Cliffwater, mentioned: “Earlier this summer time, CCLFX celebrated two milestones – 5 years of efficiency and reaching $20bn in internet belongings. This facility is one other necessary accomplishment for the fund to assist continued progress and supply enhanced publicity to direct lending.”
Cliffwater is another funding adviser and fund supervisor with round $29bn in belongings underneath administration and $89bn in belongings underneath advisement.
Learn extra: Sponsors and debtors “cautiously optimistic” this yr
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