Phoenix Launches Private Credit Strategy
Phoenix Merchant Partners, a Rye, NY-based middle-market focused investment firm, has announced the completion of its first transaction, financing Gryphon Holdings, a non-catastrophe P&C reinsurance company, as well as the appointment of Julia Henderson as managing director, insurance solutions.
Phoenix stated that the funding, which concluded on January 10, represents the official launch of its private credit and loan solutions platform. The arrangement capitalizes Gryphon Holdings’ balance sheet and funds the future expansion of its reinsurance program.
The deal features a combination of a delayed draw senior facility represented by a contingent capital note, and the issuance of preference shares, with terms that will allow Phoenix and related parties to provide additional growth financing over the course of the next several months, the company said.
“We see significant unmet financing needs among unsponsored businesses in the middle market and believe our creativity, prudent approach to structure and focus on process uniquely position us to identify and execute on that differentiated opportunity set,” explained Art Mbanefo, Phoenix Founder, CEO and CIO.
Henderson will join Phoenix on February 1, the company said. Her most recent position was at Vesttoo, where she worked as CCO.
The firm also added Benjamin Weston to its advisory board Adrian Macedo managing director and head of investments.