Principal® direct lending business reaches $2 billion in borrower commitments
January 18 2024 - 9:00AM
Business Wire
Principal Asset ManagementSM announced it has reached $2 billion
in borrower commitments through its direct lending business.
Its direct lending investment team, known as Principal
Alternative Credit, has now closed on over 115 transactions as of
December 31, 2023, and has exceeded $2 billion in total borrower
commitments since its inception in July 2020. This milestone
represents an important step in the company’s long-term strategic
plan of providing flexible financing solutions across the middle
market direct lending industry.
"Our strong relationships with a broad group of clients in the
lower and core middle market has been key to us achieving the
milestone of surpassing $2 billion in commitments,” said Tim
Warrick, managing director – alternative credit at Principal Asset
Management. “This accomplishment is yet another testament to our
mission of providing differentiated financial solutions for our
clients.”
The team invests in privately negotiated debt transactions with
both sponsor-backed and non-sponsored lower and middle-market
companies throughout North America that typically have $5 million
or more in EBITDA. It targets transactions of $25 million to $200
million, with a typical hold size of $20 million to $50
million.
Within Principal Asset Management, the alternative credit
investment team is comprised of 29 professionals with experience
across various sectors, including healthcare, technology/software,
financial services, commercial/professional services, industrials,
food and beverage and consumer services.
About Principal Asset Management ℠
With public and private market capabilities across all asset
classes, Principal Asset Management℠ and its investment specialists
look at asset management through a different lens, creating
solutions to help deliver client investment objectives. By applying
local insights with global perspectives, Principal Asset Management
identifies distinct and compelling investment opportunities for
more than 1,100 institutional clients in over 80 markets. Principal
Asset Management is the global investment solutions business for
Principal Financial Group® (Nasdaq: PFG), managing $506.9 billion
in assets1 and recognized as a “Best Places to Work in Money
Management”2 for 12 consecutive years.
© 2024 Principal Financial Services, Inc.®, Principal Financial
Group®, and Principal and the logomark design are registered
trademarks of Principal Financial Services, Inc., a Principal
Financial Group company, in the United States and are trademarks
and services marks of Principal Financial Services, Inc., in
various countries around the world.
1 As of September 30, 2023 2 Pensions & Investments, “The
Best Places to Work in Money Management”, December 12, 2023
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version on businesswire.com: https://www.businesswire.com/news/home/20240118465816/en/
Erin Parro, 515-878-0130, parro.erin@principal.com
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