Kennedy Lewis Investment Management, an alternative credit firm, and the California State Teachers’ Retirement System (CalSTRS), entered a strategic partnership focused on senior corporate lending for non-sponsored borrowers.
In addition to investments in Kennedy Lewis’ core lending strategy, CalSTRS will provide Kennedy Lewis with $200 million of seed capital to support the growth of Kennedy Lewis’ capital company (KLCC), the firm’s non-exchange traded, perpetual-life business development company (BDC).
“We are thrilled to partner with CalSTRS, one of the world’s leading institutional investors, known for being at the forefront of the investment management industry,” David K. Chene and Darren L. Richman, co-founders and co-managing partners of Kennedy Lewis, said. “There is currently an extremely compelling opportunity set that is complimentary to sponsor-backed lending mandates within the non-sponsored direct lending space. We see the potential to achieve diversification across industries and secure beneficial terms and pricing. We look forward to pursuing this investment opportunity on behalf of CalSTRS, its beneficiaries, and all investors in KLCC.”
