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Steadfast Capital Markets Group teams with Alcentra to launch Global Credit Fund

Steadfast Capital Markets Group has teamed up with Alcentra, a BNY Mellon investment boutique, to launch its latest alternative program, Steadfast Alcentra Global Credit Fund, an unlisted closed-end fund that seeks to capitalsze on the growing opportunity to provide direct lending to middle-market companies in the United States and Western Europe.

Steadfast is teaming with Alcentra as the fund’s investment sub-adviser. Alcentra will source and actively manage the fund’s direct lending investments, backed by its deep institutional expertise and experience in providing debt and equity financing to middle-market companies, both in the US and Europe. The fund’s objective is to provide qualified investors current income and capital preservation with the potential for capital appreciation.
“Financial regulations introduced in the United States and Europe in recent years have resulted in constrained traditional bank lending to middle-market companies, providing a growing opportunity for alternative direct lenders such as Steadfast Alcentra Global Credit Fund,” says fund CEO Christopher Hilbert. “Teaming with Alcentra, a proven alternative lending investment manager, Steadfast Alcentra Global Credit Fund will seek to help finance the growth of successful private companies across the US and Western Europe, while providing individual investors the opportunity to achieve an attractive risk-adjusted return and reliable income.
Steadfast Alcentra Global Credit Fund will offer up to USD3 billion in shares of its common stock for sale initially at USD9.68 per share. The fund’s share price will periodically adjust based on the net asset value of the company’s investment portfolio. The fund intends to use the proceeds of the offering to provide customised financing solutions to lower middle-market and middle-market companies in the form of floating and fixed rate senior secured loans, second lien loans, subordinated debt and to a lesser extent, minority equity investments.
David Scopelliti (pictured), chief investment officer of Alcentra’s US direct lending business, adds: “One of the key advantages Steadfast Alcentra Global Credit Fund enjoys as an unlisted closed-end fund is the ability to source global investments throughout the United States, as well as in Western European markets where Alcentra is an established leader. Additionally, this structure enhances our ability to invest in opportunities that we believe will provide attractive yield and strong risk-adjusted returns to our investors.”

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