Eldridge has partnered with Carlyle AlpInvest to launch a new diversified credit platform and close its inaugural fund, Eldridge Diversified Credit Fund I.

The fund was established through a credit secondaries transaction anchored by the purchase of a diversified portfolio of loans and leases from Eldridge and its affiliates. 

Carlyle AlpInvest and its co-investors made an equity commitment to Eldridge-managed vehicles, which, together with debt financing led by BNP Paribas, is expected to provide up to $1.5bn in investable capital.

“Our goal is to meet the evolving needs of institutional borrowers while generating attractive returns through a differentiated, multi-strategy credit platform,” said Nicholas Sandler, Co-President and Co-Head of Diversified Credit at Eldridge Capital Management. “The Fund reflects our disciplined origination and structuring, designed with flexibility to support borrowers up and down the capital structure.”

Eldridge said the platform combines corporate credit with asset-based equipment origination, providing a broader toolkit to deploy capital across different market conditions.

“Eldridge’s highly compelling diversified credit platform combines its corporate credit capabilities with its leading asset-based equipment origination franchise, creating a broader and more flexible toolkit for navigating the market. We look forward to continuing our partnership across future initiatives,” added Mike Hacker, Partner at Carlyle AlpInvest.

BNP Paribas arranged and led the senior credit facility supporting the fund. PJT Partners acted as lead financial adviser, with Jefferies as co-lead. Kirkland & Ellis advised Eldridge, while Ropes & Gray acted for Carlyle AlpInvest

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