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 620 deals totaling over $13.8 billion of financing commitments.*
*As of September 30, 2018
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
- 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
- Add-on acquisitions
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