Eaton Partners, a placement agent and advisory firm and wholly owned subsidiary of Stifel Financial Corp, has served as lead placement agent for PA Direct Credit Opportunities Fund II (PADCOF II), which held a final close of approximately USD740 million.
The fund, part of the Portfolio Advisors direct investing platform, is run by the credit investment team led by Chuck Harper and Igor DaCosta, and will primarily invest in direct junior debt instruments, with equity participation.
It will provide capital to financial sponsors that are conducting leveraged buyouts, growth financing or recapitalisation transactions for US middle market companies.
The fund received backing from both new and existing investors including private and public pensions plans, university endowments, private foundations, insurance companies, and family offices.
Stifel Financial led the placement of commitments within the high net worth (HNW) channel.
Based in Darien, CT, Portfolio Advisors manages a full range of private equity, private debt and private real estate. Managing directors Igor DaCosta, Charles Harper, and Eric Staub will handle the fund's investment activities. They previously worked together on DLJ Investment Partners' direct mezzanine investing business, which was acquired by Portfolio Advisors in 2013.
"The successful closing of Portfolio Advisors' direct credit fund demonstrates the strong demand from traditional institutional investors as well as high net worth individuals for capable, experienced, and historically successful managers of middle market credit," says Charlie Eaton, partner at Eaton Partners. "The strategy is geared for success, particularly due to tailwinds coming from the rising interest rate environment and the high levels of dry powder held by US financial sponsors."