US$ unless otherwise stated
BOSTON, March 5, 2024 /PRNewswire/ - Manulife Investment Management announced today the final close of Manulife Capital Partners VII, L.P. (MCP VII or the "Fund"), a US$752 million private credit fund.
The Fund seeks to invest junior credit capital in U.S. middle market companies to target high yield with equity upside, providing contractual cash coupons and capital appreciation for investors. MCP VII is backed by a global investor base of institutional and private capital investors including a capital commitment from Manulife.
"We are pleased to have attracted interest in the Fund from a highly diversified investor base including both institutional and private capital investors who are looking for an opportunity to participate in company value creation," said Vipon Ghai, global head of private equity and credit, Manulife Investment Management. "The successful fundraise demonstrates the strength and expertise of our team, the value we bring to our relationships with our sponsors, and the potential opportunities for our investors."
"Our investment approach includes a target mix of subordinated and second-lien debt and structured and common equity that allows for meaningful participation in growth that is balanced by the potential for double digit yield," said Josh Liebow, CFA, co-head of junior credit, Manulife Investment Management.
"We are excited to continue the strong legacy of bringing investors high yielding risk-adjusted unlevered returns. Since inception, our veteran team has deployed more than US$3.3 billion into 126 companies as a result in part of their experience and ability to bring flexible capital to a selective portfolio of companies that meet our investment criteria," added Matt Szwarc, co-head of junior credit, Manulife Investment Management.
Mr. Liebow and Mr. Szwarc serve as Portfolio Managers of the fund. In addition to their leadership, the junior credit investment committee utilizes an integrated approach across the private equity and credit teams to share market knowledge and resources from the broader platform. The Fund will focus on 20 -30 portfolio companies with more than $20 million in EBITDA to include Business Services, Industrial Manufacturing, Aerospace & Defense, Building Products, among others.
Manulife Investment Management's global private equity and credit platform currently has more than US$25 billion in assets under management and unfunded commitments across five verticals: primary private equity funds, equity co-investments, GP-led secondaries, senior credit, and junior credit. Its integrated GP-centric platform possesses a strong network of 200+ sponsor partners. Since 1998 Manulife Investment Management has selectively made junior credit investments in market leading North American middle market companies by leveraging its private equity sponsor relationships for high-quality deal flow.
About Manulife Investment Management
Manulife Investment Management is the brand for the global wealth and asset management segment of Manulife Financial Corporation. Our mission is to make decisions easier and lives better by empowering investors for a better tomorrow. Serving more than 17 million individuals, institutions, and retirement plan members, we believe our global reach, complementary businesses, and the strength of our parent company position us to help investors capitalize on today's emerging global trends. We provide our clients access to public and private investment solutions across equities, fixed income, multi-asset, alternative, and sustainability-linked strategies, such as natural capital, to help them make more informed financial decisions and achieve their investment objectives. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.
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SOURCE Manulife Investment Management
