New Mountain Capital, which manages over $35bn across private equity, credit and net lease real estate, has closed its latest direct lending fund, New Mountain Guardian III BDC, with around $1.15bn of capital commitments from a diverse group of investors.
Commitments to the fund, which is expected to have approximately $2.0 billion in investable capital, including leverage, included a substantial investment from the General Partner and employees of the firm. Consistent with the Firm’s investment philosophy, New Mountain’s private credit strategy focuses on lending to the highest quality companies in select, non-cyclical defensive growth industries.
As of 30 September, 2021, Guardian III had already deployed more than $1.1bn into 79 portfolio companies across a variety of high quality, non-cyclical industries including enterprise software, business services, healthcare services and healthcare technology. These are all industries that New Mountain has differentiated knowledge in, and focuses on, within its private equity strategy.
According to a press statement, the successful fundraising for Guardian III builds on the current strong momentum across New Mountain’s credit business. The firm recently completed its third US collateralised loan obligation transaction and also celebrated the ten year anniversary of the IPO of its publicly traded business development company, New Mountain Finance Corporation.
Since inception, New Mountain Capital has invested approximately $15.1bn in credit. As of 30 June, 2021, New Mountain manages approximately $7.8bn in credit across private credit and broadly syndicated loans.
