Trusted provider of debt solutions to US middle market companies.
Trusted provider of debt solutions to US middle market companies.
What Sets Us Apart
Direct Lending
We invest primarily in companies that are located in North America and focus on companies with an EBITDA over $5 million with an emphasis on $10-40 million.
Our Direct Lending strategy seeks to provide flexible financing solutions to the US middle market through privately originated and privately negotiated senior secured loans. We define middle market companies as both public and privately held companies with annual revenues of between $25 million and $500 million.
Investment Strategy
First Eagle Alternative Credit has significant institutional expertise and brand recognition among private equity sponsors gained from over a decade of investing in direct lending credit strategies. Our investment strategy relies on a proactive, comprehensive approach to transaction deal sourcing, a robust due diligence process, underwriting expertise supported by strong industry knowledge, and ongoing active portfolio management.
- Direct Origination and Deal Sourcing
Our originators have a deep and diverse relationship network in the debt capital and private equity markets helping drive a robust deal pipeline.
- Investment Due Diligence
We employ a rigorous and disciplined underwriting and due diligence process that includes a comprehensive understanding of a portfolio company’s industry, market, operational, financial, organizational and legal position and prospects.
- Industry Expertise
Our Direct Lending investment team is organized by industry verticals. This enables us to leverage deep, long-standing deal sourcing relationships, identify risks early in our credit underwriting, provide value to sponsors in their diligence and execute transactions with a high level of conviction.
- Active Portfolio Management
We believe that many middle market companies are inclined to seek value-added investors aimed at developing a constructive partnership to help them navigate economic cycles and operational issues as they arise.
What Sets Us Apart
An Experienced Management Team
Our leadership has worked together extensively, investing through multiple business and credit cycles across the entire capital structure. Each individual brings a distinct investment perspective and skill-set.
Expertise in the Private Debt Asset Class
Having invested billions in assets since the inception of the private debt asset class, we have the institutional knowledge and operational infrastructure required to thrive in the middle market. Our comprehensive underwriting methodology and monitoring processes have been implemented across all five regional offices.
A Proactive Sourcing Platform
Our relationships include private equity sponsors, investment bankers, middle market senior lenders, commercial bankers, lawyers, accountants and business brokers. With our direct lending investment teams located in five offices across the country, we build relationships on a local and regional basis.
Collaboration with Tradable Credit Team
We work closely with our Tradable Credit team. As such, we have access to the resources of both groups, enhancing our transaction sourcing capabilities while benefiting from consultation on specific industry issues, trends and other complementary matters.
Our Team
Our Team
At First Eagle Alternative Credit, we take a hands-on, proactive approach to investment sourcing, underwriting and portfolio management.
Building trusted relationships is a hallmark of how we conduct our business, and this starts with our investors. Being good stewards of investor capital and consistently providing an attractive risk-adjusted return are at the core of this.
Investment Criteria
Investment Criteria
Investment Style
Middle Market Direct Lending
Investment Strategy
Seek to invest in directly originated first lien senior secured loans to sponsor-backed middle market businesses. Opportunistically invest in second lien, unitranche, and asset-backed loans.
Typical Transactions
Change of control, acquisitions, refinancing, recapitalization
Geographic Focus
Primarily United States
Target Company Size
EBITDA over $5 million, with an emphasis on $10-40 million
Target Transaction Size
Total Enterprise Value of $75-250 million
Target Hold Size
2-3% of fund vehicle
Contact Us
FEAC Investor Relations
FEAC Investor Relations
FEAC.IR@firsteagle.com
212-698-3300