Aspida, which also sells annuities, has grown to $19bn in assets with support from Ares.
Medical services is a challenging subsector, but there are promises elsewhere, says a new white paper by the manager.
The instrument sets a high bar for mid-market CLO closings in 2025.
There are reasons to believe the sponsor-backed private debt deal market may be set for better times ahead, though some headwinds persist.
Our latest fundraising data finds no evidence of a revival just yet. Plus: Deloitte tracks a European deal upturn in Q2 of last year; and Willow Tree completes rapid-fire CLO double.
The manager says many borrowers will need a range of rescue capital solutions next year.
Fundraising dipped again in 2024 but large funds continue to increase their market share.
'Junior capital offers delayed draw capacity, which is a critical source of funding for sponsors with buy-and-build investment strategies seeking to make post-closing acquisitions.'
The fund closed well above its $1.25bn target and is twice as large as its predecessor.
Northwestern Mutual may increase the total, and will take a minority stake in the manager.