BC Partners Credit, the $8.7bn credit platform of BC Partners, has launched Great Lakes III, the latest iteration of its middle-market direct lending strategy developed in partnership with Great Lakes, according to a report by Bloomberg.
The fund is targeting approximately $2bn in assets, following the $1.6bn raised for Great Lakes II, according to a person familiar with the matter. Over 75% of existing LPs from Fund II have re-upped for the new vehicle, which will have a three-year investment period allowing for redemptions or capital rollovers, the firm said.
The Great Lakes platform, one of the leading originators of first-lien loans in the US middle market, has been co-managed by BC Partners Credit and Great Lakes since 2018, well before private credit matured into a $1.7tn global asset class.
Under the terms of the JV, BC Partners retains a first-look at unitranche lending opportunities originated by Great Lakes, securing access to a steady pipeline of sponsor-backed transactions across the mid-market.
