TCW Group, an investment management company, is intending to raise $3bn through direct-lending fund, named TCW Direct Lending Fund VI, to expand its business by two-fold.
Carlyle Group’s 60% owned company is tapping sovereign-wealth funds and potential investors keen to adopt prospectus strategies, reported The Wall Street Journal citing sources familiar with the developments.
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The direct lending markets, wherein firms provide credit to midsize businesses as against traditional lenders or to larger corporations in need of quick financing, is expected to witness potential growth, with new rules introduced to further banks’ capital levels and reduce the risk.
Other Wall Street firms in this market include Blackstone Group BX -1.62% LP’s GSO Capital Partners unit, J.P. Morgan & Co.’s Highbridge Capital Management LLC and Cerberus Capital Management LP.
TCW, a specialist in fixed-income investing, has forayed into direct lending market with the acquisition of direct-lending group of Regiment Capital Advisors in 2013.
The company is expected to provide loans of over $6bn banking on its planned $3bn base starting this summer.
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