Medalist Partners, an alternative asset manager focused on private credit and structured credit, closed its third and oversubscribed asset-based private credit fund – Medalist Partners Asset-Based Private Credit Fund III – with $600 million, more than double the size of its predecessor fund.

The fund lends where collateral includes commercial equipment, autos, receivables, litigation finance, consumer loans, aircraft, commercial/residential real estate and other assets.

The roughly $2.2 billion firm has a distinct focus on smaller and less crowded parts of the market with transactions generally between $5 million and $30 million. The firm held the first fund close in late 2021. With the final close, it will have drawn 55% of its capital commitments

“We have continually differentiated our asset-based private credit platform with a focus on robust collateral and consistent cash flow in niche parts of the specialty finance market,” said Greg Richter, Medalist’s CEO. “Amidst higher rates, market uncertainty, and liquidity constraints in the traditional banking sector, we are excited about the opportunities in asset-based private credit.

Headquartered in New York and led by partners Richter, Michael Ardisson and John Slonieski, Medalist Partners specializes in asset-based private credit, structured credit and CLOs.