Phoenix Merchant Raises $900 Million for Private Credit (1)

Phoenix Merchant Partners has raised more than $900 million for a private credit strategy aimed at mid-size companies not backed by private equity firms.

The strategy will focus on lending to companies in the industrials, telecom, health care and energy transition sectors, among others, with between $20 million and $100 million of earnings before interest, taxes, depreciation and amortization, according to Phoenix Chief Executive Art Mbanefo.

“We see significant unmet financing needs among unsponsored businesses in the middle market,” Mbanefo, an Orix Corp. and Barclays Plc veteran who founded Phoenix Merchant last year, said in a press release. The ...