KeyBank and Beach Point Capital Management, a credit focused investment manager, established a new joint venture middle-market direct lending program with $1.5 billion in lending capacity for U.S. middle-market clients.
The KeyBank Beach Point lending program will offer direct lending solutions and deploy capital for KeyBank’s middle-market clients and private equity sponsors while providing potential risk adjusted returns to Beach Point’s investors. The direct lending program will span industries where KeyBank and Beach Point have expertise and relationships, including the industrial, healthcare, consumer and technology sectors.
“This product will provide a competitive financing solution with a seamless, streamlined execution for our middle-market clients,” Bob Scelza, manager of the KeyBank Beach Point Direct Lending Program Fund, said. “We are excited to partner with Beach Point to add a middle-market direct lending program to our platform.”
“We have long respected the industry lending teams at KeyBank and are thrilled to work with them to bring a differentiated and compelling direct lending solution to the middle market,” Michael Haynes, co-head of private credit at Beach Point Capital Management, said.
“The joint venture complements Beach Point’s larger private credit platform and is a natural extension of our success across credit markets,” Brian Himot, co-head of private credit at Beach Point Management, said. “We are confident this initiative will deliver attractive returns for our clients and value for middle-market borrowers and other stakeholders.”
