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CalSTRS and Kennedy Lewis partner on non-sponsored senior lending

Kennedy Lewis Investment Management (Kennedy Lewis), an alternative credit manager with around $16bn under management, has formed a strategic partnership with the California State Teachers’ Retirement System (CalSTRS) focused on senior corporate lending for non-sponsored borrowers.

In addition to investments in Kennedy Lewis’ core lending strategy, CalSTRS will provide Kennedy Lewis with $200 million of seed capital to support the growth of its non-exchange traded, perpetual-life Business Development Company (BDC) Kennedy Lewis Capital Company (KLCC).

This partnership reflects CalSTRS and Kennedy Lewis’ shared confidence in the attractive total return and diversification benefits offered by non-sponsored direct lending and its appeal to a broad range of investors.

Kennedy Lewis’ core lending strategy focuses on originating and investing in senior-secured, floating rate, loans to middle- and upper-middle market non-sponsored companies.

According to a press statement, “the strategy benefits from Kennedy Lewis proprietary sourcing channels across a range of industries and sectors where the firm has specialised expertise, and its defensive investment approach that emphasises long-term credit performance and principal protection”.

 

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