PDI Staff Writer
The $20m fund will make former employees who meet a defined set of criteria eligible to receive compensation.
The firm is raising its second real estate debt fund less than a year after closing its first, and won’t be collecting management or performance fees.
The vehicle is targeting C$200m and will invest primarily in industrials, energy and real estate.
The Helena-based limited partner currently has $268 million invested in energy-focused funds, but none are debt-focused.
The firm hired two people from EquiTrust Life Insurance to start the firm’s expansion into investment options curated for insurance companies.
Developing an expertise can help a firm limit competition for dealflow and land a place on the private equity community’s lender speed dial, according to Twin Brook co-managing partner Trevor Clark.
The BDC will lower its incentive fees and hurdle rate next year to stay “fee-friendly”.
The volume of add-on acquisitions has shot up recently, and firms are using this trend to add more leverage to their debt portfolios.
The firm is under agreement to acquire KCAP’s CLO credit branch by the end of this year so KCAP can refocus on mid-market lending.
The vehicle expects to list with a stock price between $20.25 and $21.25, with 7.5m shares of common stock being offered.