Ares Management and GE Capital announced that the European Loan Programme, a €3.0 billion ($3.26 billion) joint venture between affiliates of the two global institutions that provides senior secured loans to upper middle market corporate borrowers completed its first investment. The joint venture made an anchor investment in a £205 million ($306 million) senior term loan to fund KKR’s acquisition of theTrainline, a UK retailer of online train tickets. The financing package also includes a £60 million ($89.5 million) revolving credit facility.

The ELP builds upon the partnerships between Ares Management and GE Capital in their Senior Secured Loan Program (SSLP) and European Secured Loan Programme (ESSLP) joint ventures that provide unitranche loans to middle market companies in both the U.S. and Europe. These joint ventures together with the ELP now have a total of approximately €13 billion ($1.4 billion) of committed capital.

Blair Jacobson, partner in the Direct Lending Group at Ares Management, said “We are delighted to have been selected by KKR to make an anchor investment in the debt financing of Trainline through the new ELP. Ares Management is an existing lender to Trainline having supported Exponent’s refinancing of the business in 2013. We have been impressed with the management team and the growth trajectory of the business during our investment period and look forward to supporting its continued growth under KKR’s ownership.”

Chris Fowler, executive director at GE Capital, said “We were impressed with theTrainline’s market leading position and highly predictable business model and are excited to support the company under its next chapter of ownership. The ELP is well suited to financings of this nature and can provide the company with significant capacity to support its continued growth.”