THL Credit has formed a joint venture with Perspecta Trident, an affiliate of Perspecta Trust, to create THL Credit Logan JV.
The new joint venture is expected to invest primarily in senior secured first lien loans to middle market companies and other corporate debt investments, consistent with THL Credit's origination and underwriting strategy.
THL Credit and Perspecta have committed to initially provide USD120 million and USD30 million, respectively, of equity capital to Logan JV. In addition, Logan JV has agreed to terms with a third party to provide credit financing. Logan JV expects to begin funding the portfolio with new investments in December 2014.
"We are pleased to partner in this joint venture with Perspecta, a leader in the wealth management industry with expertise in credit investing. Logan JV will allow us to access our existing national origination platform to seek appropriate risk-adjusted returns in more senior secured investments," says Christopher J Flynn, THL Credit's co-chief executive officer.
"The joint venture with THL Credit is a great example of Perspecta Trust partnering with world-class managers providing a unique and differentiated investment opportunity," says Anthony J Annino, Vice President of Investments at Perspecta Trust. "At Perspecta Trust, we pride ourselves in finding great investment management teams with which to collaborate, and with THL Credit, we believe we have found just that."