Eldridge Closes Inaugural Diversified Credit Fund With $1.5B of Firepower
Eldridge and Carlyle AlpInvest have closed Eldridge Diversified Credit Fund I (EDCF I), the inaugural vehicle in Eldridge’s diversified credit platform, with up to approximately $1.5 billion in investable capital when combined with debt financing from BNP Paribas.
The fund was created through a credit secondary solution anchored by the purchase of a diversified portfolio of loans and leases from Eldridge and its affiliates and is supported by commitments from leading institutional investors worldwide.
“The Fund reflects our disciplined origination and structuring, designed with flexibility to support borrowers up and down the capital structure,” said Nicholas Sandler, Co-President and Co-Head of Diversified Credit at Eldridge Capital Management.
Carlyle AlpInvest executives emphasized the strategic fit. “Eldridge’s highly compelling diversified credit platform combines its corporate credit capabilities with its leading asset-based equipment origination franchise, creating a broader and more flexible toolkit for navigating the market,” said Mike Hacker, Partner at Carlyle AlpInvest.
BNP Paribas arranged and led the senior credit facility supporting EDCF I. PJT Partners served as lead financial adviser, Jefferies as co-lead, Kirkland & Ellis LLP as legal counsel to Eldridge, and Ropes & Gray LLP as legal counsel to Carlyle AlpInvest.