Freeport Financial Partners LLC, a lending manager, has closed its fifth direct lending fund, Freeport First Lien Loan Fund V. The fund raised $1.5 billion in investable capital and oversubscribed, exceeding its initial target by over $250 million. The fund obtained commitments from institutional investors, insurance companies, and endowments internationally. The total equity commitments were $900 million and $600 million in targeted leverage.
During the last year, Fund V placed approximately 35 percent of its capital across a range of industries including business services, industrial components, and healthcare services. The fund invests primarily in originated and independently underwritten senior-secured first lien, floating-rate loans to private equity-owned U.S. lower middle-market companies.
Managing director at Freeport Josh Howie said, “We are pleased with the strong response to our most recent fund from both our existing and new investors to achieve a diversified base of limited partners.”