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Freeport Financial closes fifth direct lending fund at USD1.5bn

Freeport Financial Partners (Freeport), a US lower middle market direct lending manager, has held the final close of its fifth direct lending fund, Freeport First Lien Loan Fund V (Fund V), raising USD1.5 billion in investable capital including targeted leverage and separately managed accounts investing alongside the fund.

Fund V was oversubscribed, exceeding its initial target by over USD250 million, with total equity commitments of USD900 million and USD600 million in targeted leverage. 

Fund V obtained commitments from a wide range of institutional investors including public and private pension plans, insurance companies as well as endowments and foundations across North America, Europe and Asia.

Fund V invests primarily in directly originated and independently underwritten senior-secured first lien, floating rate loans to private equity-owned US lower middle market companies that have EBITDA between USD3 million and USD25 million. 

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