BC Partners Credit, the $8.7bn (£6.4bn) credit arm of BC Partners, has launched a new private credit fund to succeed its $1.6bn predecessor, which was created through a partnership with Great Lakes.
The new fund, Great Lakes III, follows on from BCP Great Lakes II, and more than 75 per cent of the investors in Great Lakes II have chosen to roll their commitments over to the new fund, BC Partners said in a statement.
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Great Lakes is a top originator of first-lien loans in the middle market, with the joint venture with BC Partners beginning in 2018, long before the private credit industry boomed into the $1.7tn market it is today.
The partnership is focused on providing flexible, scalable unitranche financing solutions tailored to middle-market companies, the firms said.
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Ted Goldthorpe, head of credit at BC Partners, said: “We are grateful for the continued partnership of our investors, as reflected in the overwhelming support for Great Lakes III.
“The performance of the overall program, and the seamless transition between funds, underscore our team’s market expertise and disciplined investment approach.”
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