At a glance
- The vehicle acquired mostly senior secured, first-lien loans to more than 60 US lower-middle-market companies across a range of industries, backed by a diverse group of private equity sponsors.
- PGIM said at the start of this year it would deploy up to $1 billion in private credit secondaries over two years.
- For an investor in one of the Tree Line funds, the vehicle turns an illiquid holding into a roll-or-sell decision.
Tree Line Capital Partners closed a $680 million private credit continuation vehicle, with PGIM and LGT Capital Partners as co-lead investors, Alternative Credit Investor reported on Oct. 28.
The vehicle acquired mostly senior secured, first-lien loans to more than 60 US lower-middle-market companies across a range of industries, backed by a diverse group of private equity sponsors. Tree Line's fourth direct lending fund drew $1.1 billion, Alternative Credit Investor reported earlier.
PGIM said at the start of this year it would deploy up to $1 billion in private credit secondaries over two years. The program covers GP- and LP-led opportunities in direct lending and opportunistic credit across US and European middle-market transactions. LGT Capital Partners has invested in credit secondaries since 2009.
For an investor in one of the Tree Line funds, the vehicle turns an illiquid holding into a roll-or-sell decision. The exit price was not disclosed.
Reported by the Direct Lending desk from Alternative Credit Investor. Published . Corrections