TCW, PNC Partner on Middle-Market Private Credit Platform (2)

TCW Group Inc. and PNC Financial Services Group Inc. are partnering on a private credit platform targeting middle-market companies, aiming to have $2.5 billion in its first year.

The companies said the new strategy will target directly originated, senior-secured cash-flow and asset-backed loans to both firms owned by private equity companies and to non-sponsored companies. PNC and Nippon Life, a TCW shareholder, will provide anchor investments, and TCW and PNC will create a team to handle origination, underwriting and portfolio management.

“We very much aspire to grow the credit alternatives business,” TCW Chief Executive Officer Katie Koch said in ...