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Steadfast and BNY Mellon Affiliate Launch $3 Billion Global Credit Fund

Steadfast Capital Markets Group and Alcentra NY LLC, a BNY Mellon investment boutique, launched the Steadfast Alcentra Global Credit Fund, a $3 billion unlisted closed-end fund that intends to provide direct lending to middle-market companies in the United States and Western Europe.

Alcentra, which has institutional experience in providing debt and equity financing to middle-market companies, serves as the fund’s investment sub-adviser and will source and manage the fund’s direct lending investments.

“Financial regulations introduced in the United States and Europe in recent years have resulted in constrained traditional bank lending to middle-market companies, providing a growing opportunity for alternative direct lenders such as Steadfast Alcentra Global Credit Fund,” said fund CEO Christopher Hilbert.

Steadfast Alcentra Global Credit Fund will offer up to $3 billion in shares of its common stock for sale initially at $9.68 per share. The fund’s share price will periodically adjust based on the net asset value of the company’s investment portfolio. The fund intends to use the proceeds of the offering to provide financing to lower middle-market and middle-market companies in the form of floating and fixed rate senior secured loans, second lien loans, subordinated debt and to a lesser extent, minority equity investments.

Steadfast Alcentra Global Credit Fund’s adviser is Steadfast Investment Adviser LLC.

BNY Alcentra Group Holdings is a wholly owned subsidiary of The Bank of New York Mellon Corporation and is a specialist manager of global sub-investment grade credit with $31.5 billion of assets under management across more than 75 investment vehicles.

Steadfast Companies owns and/or manages more than $5.4 billion in assets and has sponsored 46 privately or publicly offered prior investment programs.

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