Family Legacy Capital Management (FLC), a private investment manager for family offices, has launched FLC Credit Partners, a private credit fund manager.
Headquartered in New York, the investment team is led by experienced industry executives Peter Eschmann, Matthew Hart and Jay Rogers, who have collectively completed over 250 transactions and deployed more than USD15 billion of capital at their prior firms.
Inspired by what many businesses experienced during the Covid-19 crisis, FLC Credit Partners provides financing solutions to capital-constrained, lower middle market companies in North America. In particular, it addresses the capital needs of family — and entrepreneur-owned businesses, through creative private credit solutions from a financial partner who is aligned with and understands the dynamics inherent in these types of companies given its own investor base of leading family offices.
FLC Credit Partners makes both primary and secondary opportunistic private credit investments, with an emphasis on secured loans, but also selected mezzanine and structured equity solutions. The group targets USD10 million to USD100 million transactions to fund re-financings, leveraged buyouts, add-on acquisitions, recapitalisations, growth/working capital, “rescue” capital, DIP loans and exit finance.
“With our limited partner base comprised entirely of leading families who are willing to share their Intellectual, Relational and Financial Capital, we are more closely aligned to family — and entrepreneur-owned businesses,” says Hendrik Jordaan, Chairman and Co-Founder of FLC. “It provides us with a unique ability to better serve these potentially stressed, complex or misunderstood business, often in out-of-favour industries. We are incredibly excited for Peter, Matt and Jay to join the Family Legacy Capital platform and know that their deep expertise positions us well to deliver desired outcomes to our investors.”
Eschmann, Partner and Managing Director, brings over 25 years of private credit experience including 16 years at Cerberus Capital Management, and earlier at Deutsche Bank, Chase Manhattan and Bankers Trust.
Hart, Partner and Managing Director, has over 20 years of private credit and restructuring experience, including as Head of Private & Transitional Finance at Jefferies and earlier at Lazard, Merrill Lynch, Intrepid Financial Partners and Eos Partners.
Rogers, Partner and Managing Director, has over 20 years of private credit experience including seven years at Cerberus Capital Management, and as Chief Credit Officer at Catalyst Capital, and at GE Capital.
Also joining the team as Vice President is Brian Mullin. Mullin has over 10 years of experience in capital raising and investor relations for investment funds, including at Neuberger Berman and Campbell & Company.
FLC is affiliated with the private investment manager for One Thousand & One Voices (1K1V), a private equity fund whose family-only limited partners invest their Intellectual, Relational and Financial Capital in sub-Saharan Africa. 1K1V’s portfolio companies have exported over USD60 million of product from Africa to over 30 countries, and have created thousands of jobs, resulting in economic support to tens of thousands of people. Similar to FLC Credit Partners, 1K1V’s limited partners are comprised solely of leading family offices.