Tennenbaum Capital Partners closes USD1.9bn direct lending fund

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Alternative investment management firm Tennenbaum Capital Partners has closed TCP Direct Lending Fund VIII and its affiliated vehicles (DLF VIII) with more than USD1.9 billion of investor equity commitments.

DLF VIII is a continuation of TCP's more than seventeen-year track record in US middle-market direct lending.  TCP is pleased to welcome a wide variety of existing and new investors including pension, endowment, foundation, insurance, sovereign wealth and family office commitments domestically and globally.  We also welcome the participation of a wide range of investment consultants that recommended TCP to their institutional investor clients.
 
Lee R Landrum, Managing Partner of TCP, says: "Since our Firm's first institutional fund in 1999, we have invested approximately USD19 billion in more than 500 companies. As a result, we have a demonstrated track record of delivering attractive risk-adjusted returns to our investors across market cycles. We are extremely pleased with the response to our DLF VIII fundraise. The strong demand for our fund in a competitive market illustrates the confidence our investors place in TCP's longstanding execution of its middle-market Direct Lending strategy.  We want to thank all new and existing investors for their trust and confidence in our Firm and express our appreciation for the valuable assistance and expertise of professional service firm partners including MVision Private Equity Advisers, DMS Governance, Dillon Eustace and Skadden, Arps, Slate, Meagher & Flom LLP."
 
The Fund is designed to build on TCP's successful track record of investing in directly-originated, performing, senior-secured debt in middle-market companies.  TCP's Direct Lending strategy employs a value-oriented approach, with a preference for unique, and often less competitive deals that may have been overlooked by other investors because of individual company characteristics, including industry, legal/regulatory or transactional complexity.
 
MVision Private Equity Advisers acted as the global strategic fundraising adviser for DLF VIII.  Skadden, Arps, Slate, Meagher & Flom LLP and Dillon Eustace acted as legal counsel. DMS Governance serves as the Alternative Investment Fund Manager for the DLF VIII entities based in Ireland.