Chris Flynn, president of First Eagle Alternative Credit, plans to leave the firm in early 2025. Effective immediately, Flynn will share the title of co-president with Jim Fellows, the firm’s chief investment officer.
First Eagle Alternative Credit, the $21 billion credit platform of First Eagle Investments, closed its fifth direct lending fund at more than $1 billion in total available capital, including leverage.
First Eagle Investments reported that the total assets under management in its First Eagle Credit Opportunities Fund eclipsed the $350 million threshold approximately 18 months since its launch. As of Dec. 31, 2021, the fund’s distribution yield was 7.09%.
First Eagle Alternative Credit (FEAC), an alternative credit manager, appointed Edward Giordano as chief financial officer overseeing FEAC’s finance, accounting and operations functions. He succeeds Terry Olson, who retired on June 30, 2021.
Terry Olson, COO and CFO of First Eagle Alternative, will retire on June 30, 2021. The company will seek a replacement CFO to transition Olson’s operating responsibilities.
First Eagle Alternative Credit, an alternative credit manager, closed Lake Shore MM CLO III at $318 million, marking the company’s third collateralized loan obligation that includes middle market leveraged loans. Citi served as lead manager, structuring agent and bookrunner.
First Eagle Alternative Credit received ‘A’ grades from the UN Principles for Responsible Investment (PRI) for its overarching approach to ESG strategy and governance and for ESG integration across all modules relevant to its investment activities.
First Eagle Alternative Credit appointed Michelle Handy, a managing director and head of portfolio and underwriting for the firm’s direct lending platform, to its direct lending investment committee.
First Eagle Alternative Credit added asset-based lending solutions to its direct lending platform and appointed industry veterans Larry Klaff and Lisa Galeota to lead the initiative. Klaff and Galeota joined First Eagle from Gordon Brothers Finance Company.
The shareholders of THL Credit, a direct lender to middle market companies, approved entry into an investment management agreement with First Eagle Alternative Credit, formerly known as THL Credit Advisors.