NXT Closes New Senior Fund

NXT Capital has held a final close of NXT Capital Senior Loan Fund V LP with $415 million in equity commitments. The group’s earlier senior loan fund closed in October 2016 with $312 million of equity commitments.

The new fund – which had an original target of $350 million – received commitments from US and foreign institutional investors, including public and private pension plans, insurance companies, foundations and asset managers. When coupled with leverage, Fund V will have approximately $1.2 billion of available capital to invest. Wells Fargo Bank, as with earlier funds, is the administrative agent for Fund V’s syndicated credit facility.

Fund V will invest in senior debt transactions directly originated and underwritten by NXT Capital’s corporate finance group. Targeted investments include senior secured loans, including straight senior, stretch senior and unitranche loans made primarily to private equity sponsored middle-market companies across a range of industries in the US.

The addition of Fund V increases third-party capital commitments to NXT Capital’s asset management platform to over $5.7 billion. “Fund V is a significant milestone in the continued growth of NXT Capital’s asset management platform,” said Robert Radway, Chairman and CEO. “As the largest fund we’ve raised to date, it provides further evidence that investors recognize NXT’s leadership position in the middle market private debt space and the value of NXT’s long-standing relationships with private equity sponsors, robust origination network and disciplined underwriting and portfolio management processes.”

NXT Capital provides structured financing of up to $150 million with a hold size up to $50 million to middle-market companies through its corporate finance and real estate finance groups. The firm is headquartered in Chicago with offices in Atlanta, Dallas, Los Angeles, Nashville, New York, and Phoenix (www.nxtcapital.com).

© 2017 Private Equity Professional | November 6, 2017

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