By: Steve Bills
Leveraged lender NXT Capital LLC has raised $283 million for a new loan fund earmarked to finance sponsor-backed deals, sister magazine Buyouts reported.
Chicago-based NXT Capital had sought to raise $200 million of equity commitments for the vehicle, NXT Capital Senior Loan Fund II LP. But with investor interest running high, the firm went on to close with $283 million, Robert Radway, NXT’s chairman and CEO, told Buyouts. In addition, Wells Fargo Bank provided a $500 million term loan commitment to the fund to bring it to its final tally.
NXT Capital said it received equity commitments from nine institutional investors, including pension plans, insurance companies and foundations. The new fund will invest in senior debt transactions originated and underwritten by NXT Capital’s Corporate Finance group, the firm said in its announcement. The firm worked with BTIG LLC of San Francisco and Berenson & Co LLC of New York to raise the fund, according to regulatory filings.
Originally posted on PE HUB and Buyouts August 8, 2013