Principal Asset Management‘s direct lending investment team, known as Principal Alternative Credit, has closed on more than 115 transactions as of Dec. 31, 2023, and has exceeded $2 billion in total borrower commitments since its inception in July 2020. This milestone represents an important step in the company’s long-term strategic plan of providing flexible financing solutions across the middle market direct lending industry.
“Our strong relationships with a broad group of clients in the lower and core middle market has been key to us achieving the milestone of surpassing $2 billion in commitments,” Tim Warrick, managing director – alternative credit at Principal Asset Management, said. “This accomplishment is yet another testament to our mission of providing differentiated financial solutions for our clients.”
The team invests in privately negotiated debt transactions with both sponsor-backed and non-sponsored lower and middle-market companies throughout North America that typically have $5 million or more in EBITDA. It targets transactions of $25 million to $200 million, with a typical hold size of $20 million to $50 million.
Within Principal Asset Management, the alternative credit investment team is comprised of 29 professionals with experience across various sectors, including healthcare, technology/software, financial services, commercial/professional services, industrials, food and beverage and consumer services.
