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New Mountain Capital Closed on $1.15 Billion for Guardian III Private Credit Fund
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Positive)
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Rhea-AI Summary
New Mountain Capital has successfully closed its direct lending fund, New Mountain Guardian III, with around $1.15 billion in capital commitments, leading to an estimated $2.0 billion in investable capital. This fund focuses on high-quality lending in non-cyclical growth industries. As of September 30, 2021, over $1.1 billion has been deployed across 79 companies in sectors like enterprise software and healthcare. New Mountain Capital manages more than $35 billion and has invested $15.1 billion in credit since inception.
Positive
Closing of New Mountain Guardian III with $1.15 billion in capital commitments.
Estimated $2.0 billion in investable capital enhances funding capacity.
Deployment of $1.1 billion into 79 quality portfolio companies demonstrates active investment strategy.
Negative
None.
Guardian III meaningfully above target size; will have $2.0 billion in investable capital, including leverage
NEW YORK--(BUSINESS WIRE)--
New Mountain Capital (the “Firm” or “New Mountain”), managing over $35 billion across private equity, credit, and net lease real estate, today announced the closing of its latest direct lending fund, New Mountain Guardian III BDC, L.L.C. (the “Fund” or “Guardian III”) with approximately $1.15 billion of capital commitments from a diverse group of investors. Commitments included a substantial investment from the General Partner and employees of the Firm. The Fund is expected to have approximately $2.0 billion in investable capital, including leverage. 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 September 30, 2021, Guardian III had already deployed more than $1.1 billion 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.
Steve Klinsky, Founder & CEO of New Mountain Capital, said, “We would like to thank our investors for their strong support. We believe New Mountain’s investment philosophy of focusing on defensive growth industries where we have deep expertise continues to be a successful strategy for our credit business and proven to be a key differentiator.”
Robert Hamwee, Managing Director and co-portfolio manager of the private credit strategies at New Mountain, added, “We believe that the current environment, where robust sponsor deal activity and strong overall credit conditions are coupled with continued uncertainty and volatility in certain sectors, is especially well-suited to our agile and selective approach to credit investing. We look forward to working with leading sponsors and portfolio companies to support their growth while pursuing attractive and consistent returns.”
John Kline, Managing Director and co-portfolio manager of the private credit strategies at New Mountain, also added, “We were very pleased to see the strong reception Guardian III received from who we believe to be some of the leading sophisticated and experienced investors. Our ability to leverage the resources, investing experience, knowledge and relationships of the entire New Mountain platform to help source and evaluate opportunities is a true differentiator, and we are excited to utilize that capability for the benefit of all of our stakeholders.”
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 collateralized loan obligation transaction and also celebrated the ten year anniversary of the IPO of its publicly traded business development company, New Mountain Finance Corporation (NASDAQ:NMFC), which has delivered consistent attractive returns to investors.
Since inception, New Mountain Capital has invested approximately $15.1 billion in credit. As of June 30, 2021, New Mountain manages approximately $7.8 billion in credit across private credit and broadly syndicated loans.
About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth as it pursues attractive return opportunities in private markets. The firm currently manages private equity, credit, and net lease real estate funds with over $35 billion in assets under management. New Mountain seeks what it believes to be the highest quality leaders in carefully selected “defensive growth” industry sectors.
New Mountain Guardian III is a direct lending fund recently closed by New Mountain Capital, with approximately $1.15 billion in capital commitments.
What is the expected investable capital for Guardian III?
The fund is expected to have around $2.0 billion in investable capital, including leverage.
How much capital has New Mountain Capital raised for Guardian III?
New Mountain Capital has successfully raised about $1.15 billion in capital commitments for Guardian III.
How much has Guardian III deployed as of September 30, 2021?
As of September 30, 2021, Guardian III had deployed more than $1.1 billion across 79 portfolio companies.
What industries does New Mountain focus on for investments?
New Mountain primarily invests in high-quality, non-cyclical growth industries such as enterprise software, healthcare services, and healthcare technology.
