Sound Point Capital, a global alternative credit manager with more than $45 billion in assets under management, closed Sound Point U.S. Direct Lending Fund III, its largest direct lending fund to date, with $1.2 billion of total investable capital. Additionally, Sound Point Direct Lending closed on a separately managed account that is expected to grow to more than $500 million.
“Our strategy, which senior members of our team have managed together for more than 10 years, focuses on lending to established, smaller and mid-sized U.S. companies that have strong track records and that operate in stable industries,” Tom Newberry, chief credit officer and portfolio manager of Sound Point’s direct lending platform, said. “We view our market segment as less crowded, resulting in greater selectivity and strong risk-adjusted returns for our investors through a spread premium, lower leverage and stronger documentation terms.”
“This strong result underscores Sound Point’s ability to deliver results for our investors and borrowers with a singular focus on differentiated credit solutions,” Stephen Ketchum, founder and managing partner of Sound Point Capital, said. “This is an energizing time for a firm like ours, which has multiple traded and private credit strategies, to take advantage of evolving markets and the once in a generation re-invention of the global financial system.”
