Chicago-based NXT Capital LLC has closed a $900 million debt fund, the lending firm’s fourth leveraged loan fund. The NXT Capital Senior Loan Fund IV will target senior debt transactions that NXT Capital’s Corporate Finance Group originates.
The new fund received $321 million in equity from U.S. and international investors including public and private pension plans, nearly $30 million more than firm’s previous fund that closed in January 2015. Wells Fargo Bank N.A. is the fund’s administrative agent and will also provide the balance of the investment capacity with a $425 million credit facility commitment. The credit facility is expected to increase to nearly $600 million by the 2016 fourth quarter.