First Eagle’s Private Credit team became part of the firm through the acquisition of NewStar Financial in December 2017, bringing together NewStar’s proven direct lending platform and credit investment capabilities with First Eagle’s established asset management business.

As a direct lender focused on the middle market, the Private Credit team helps clients achieve their investment objectives in the fast-paced world of M&A. Since the establishment of the team in 2004, we’ve worked with more than 250 different private equity firms on more than 750 deals totaling over $14.8 billion of financing commitments.*

*As of September 30, 2019


First Eagle is a leading provider of flexible financing options to private equity-backed companies in the U.S. middle market. Our clients manage money for some of the largest pensions, endowments, foundations and sovereign wealth funds around the world. We understand these assets represent real money from real people, and we take our role in their investment process seriously.

Our track record of success helping private equity firms includes hundreds of deals completed over more than a decade. We have a long history of extending financing commitments to portfolio companies operating in industries that we understand and with which we have deep experience.

Our value proposition isn’t simply to offer a set of financing options to fund acquisitions. It is intended to be broader, and includes a commitment to responsiveness, respect and trust, which we believe leads to a better alignment of interests and assured execution for deals in a fast-paced environment.

We work with our clients to develop transaction opportunities through teams of experienced, senior investors organized around key industry and market segments. They are focused on building trusted relationships with investment professionals at private equity firms pursuing middle market investment strategies.

Our originators use their deal experience and deep industry knowledge to identify and evaluate opportunities in order to advise private equity firms on potential value-enhancing financial strategies that help them achieve their objectives. Their insightful feedback and prompt market reads are valued by clients operating in a fast-paced M&A environment.

We generally target hold positions of up to $50 million with the ability to underwrite and arrange much larger deals. Transaction proceeds are typically used to fund acquisitions, working capital, growth strategies, and recapitalizations. We have deep industry expertise across targeted sectors, but will also consider transactions outside of those focus areas. Our typical borrower is a private company with a single B rating profile and operating cash flow (EBITDA) of $15 - $50 million that is being acquired by a private equity firm that we know. Because of our track record and trusted relationships, we often finance multiple deals for the same private equity firms.


  • 1st lien senior secured revolvers and term loans
  • 1st lien senior “stretch” term loans
  • Unitranche loans
  • 2nd lien senior secured term loans
  • Equity co-investments

Industry Focus
and Expertise

  • Business & technology-enabled services
  • Food & beverage
  • Industrial & manufacturing
  • Consumer goods & services
  • Telecom & telecom services
  • Healthcare & health science
  • Insurance & financial services
  • Software & technology
  • Transportation & logistics


  • Leveraged buyouts
  • Recapitalizations
  • Add-on acquisitions
  • Refinancings

Contact Us

Head of Private Credit

Timothy J. Conway

Head of Direct Origination

Patrick F. McAuliffe

Head of Credit Risk Management

Daniel D. McCready

Head of Capital Markets

Joseph E. Sileo

Important Risk Information

Alternative investments can be speculative and are not suitable for all investors. Investing in alternative investments is only intended for experienced and sophisticated investors who are will­ing and able to bear the high economic risks associated with such an investment. Investors should carefully review and consider potential risks before investing. Certain of these risks include:

  • Loss of all or a substantial portion of the investment;
  • Lack of liquidity in that there may be no secondary market for interest in the strategy and none is expected to develop;
  • Volatility of returns;
  • Interest rate risk;
  • Restrictions on transferring interests in a private investment strategy;
  • Potential lack of diversification and resulting higher risk due to concentration within one of more sectors, industries, countries or regions;
  • Absence of information regarding valuations and pricing;
  • Complex tax structures and delays in tax reporting and
  • Less regulation and higher fees than mutual funds.
  • Use of leverage which magnifies the potential for gain or loss on amounts invested and is generally considered a speculative investment technique and increases the risks associated with investing in the strategy.
  • Carried interest which may cause the strategy to make more speculative, higher risk investments that would be the case in absence of such arrangements.
  • Below investment-grade loans which may default and adversely affect returns

Any herein information does not constitute an offer or commitment of any kind.

First Eagle Private Credit, LLC (“First Eagle Private Credit”) is registered with the SEC as an investment adviser. First Eagle Private Credit is a wholly owned subsidiary of First Eagle Investment Management, LLC (“FEIM”) a SEC registered investment adviser.

Investment advisory services are provided by First Eagle Private Credit, LLC (“First Eagle Private Credit”), which is registered with the SEC as an investment adviser. First Eagle Private Credit is a wholly owned subsidiary of First Eagle Investment Management, LLC (“FEIM”) a SEC registered investment adviser. First Eagle Investment Management, Ltd (“First Eagle”), a wholly owned subsidiary of FEIM, is authorised and regulated by the Financial Conduct Authority of the United Kingdom. FEIM and First Eagle assists First Eagle Private Credit in marketing the advisory services that it offers. To the extent you retain First Eagle Private Credit to manage a separate account on your behalf, please note that FEIM or First Eagle has or may assist in establishing your client relationship with First Eagle Private Credit. FEIM or First Eagle may have contacted you on behalf of First Eagle Private Credit for referral as a prospective client.

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