Andalusian Credit Company has formed a $200m (£150.3m) joint venture with Carlyle Global Credit Investment Management to invest in middle market loan assets and other cash flow-producing private credit assets.
Andalusian Credit Company is a private business development company managed by direct lending platform Andalusian Credit Partners, focused on sponsor-backed and non-sponsored borrowers across the sports, media and entertainment, and financial and specialty services sectors.
Read more: Andalusian Credit Partners scales with senior appointments
According to the 8K filing, Andalusian Credit Company entered into a limited liability company agreement of Andalusian Credit Rated JV I LLC on 23 March, with affiliates of Carlyle as members.
Together, Andalusian Credit Company and Carlyle will invest up to an aggregate of $60m in equity interests in the joint venture, with Andalusian committing to invest up to $52.5m in Class B interests and Carlyle committing to invest up to an aggregate of $7.5m in Class A interests.
Distributable proceeds will be made to holders of the Class A interests prior to distributions to the holders of the Class B interests.
Read more: Eldridge and Carlyle close inaugural diversified credit fund
Carlyle and Andalusian have each designated two managers to form the four-strong board of the joint venture, which will have responsibility for portfolio and other decisions, including any initial or follow-on investments, sales or dispositions of investments.
The joint venture issued four classes of delayed draw notes rated by Morningstar DBRS to Carlyle.
Earlier this month, Andalusian Credit Company secured a $200m revolving credit facility from US bank Goldman Sachs to increase its investment capacity.
