Marathon Asset Management, Webster in Private Credit Tie-Up (1)

Marathon Asset Management and Webster Financial Corp. are forming a private credit joint venture focused on direct lending to private equity-backed middle-market companies, according to a statement.

Monday’s announcement confirmed a Bloomberg News report about the partnership, the latest in a string of tie-ups between direct lenders and traditional banks in the growing $1.7 trillion asset class.

The joint venture will originate senior secured loans across various industries, according to the statement. Marathon has $23 billion of capital under management and has a direct lending business. Connecticut-based Webster is a commercial bank with $76 billion in assets and provides credit ...