RLJ Credit Management LLC, headed by Black Entertainment Television founder Robert L. Johnson, has closed RLJ Credit Opportunity Fund I LP with $135 million in assets under management.

The fund is one of the largest minority-owned small business investment company (SBIC) funds, and will provide senior debt and subordinated debt to lower-middle market companies.

RLJ Credit is a portfolio company of the RLJ Companies, and provides subordinated debt, unitranche and minority equity capital to support leveraged buyouts, acquisitions, recapitalizations and growth initiatives, usually trying for transactions of more than $10 million.

Johnson now owns a number of businesses, including RLJ Lodging Trust (NYSE: RLJ), which focuses on acquiring hotels. Johnson-run RLJ Acquisition Inc. bought two entertainment companies, Image Entertainment Inc. and Acorn Media Group, to form RLJ Entertainment.

For more coverage on Johnson, see "Private Equity Perspective: The RLJ Rule."

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