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Brinley Partners looking to raise $1bn for second private credit fund

Brinley Partners, an asset management firm focused on secured and unsecured credit, and preferred equity investments across various industries, is targeting a fundraise of at least $1bn for its second private credit fund, according to a report by Bloomberg.

The report cites people with kowledge of the mater as confirming that the New York-based firm, which is led by co-founders Kerry Dolan and Kirsten Hagen, and counts pension fund British Columbia Investment Management Corp as a seed investor, has begun discussions with potential backers about the vehicle known as Brinley Private Debt Fund II.

According to a document shared with prospective investor sin the new vehicle, the firm’s first fund has posted a 13% internal rate of return after fees as of 30 September.

Brinley, which focuses on first-lien and unitranche loans to companies with earnings before interest, taxes, depreciation and amortisation of at least $40m, most of which are private equity-owned, has invested about $3bn, including leverage, since inception and typically makes commitments of as much as $250 million to any individual deal, according to Bloomberg’s sources.

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