SLR is expecting more than $1bn of capital to be available for its healthcare direct lending funds after leverage, following an initial close of $480m in equity commitments. The fund is expected to hold its final close in February next year, or earlier if it reaches its $800m target.
The firm said the latest vehicle will capitalize on the need for continued innovation, efficiency, and scale across the healthcare industry, which has been accelerated by the Covid-19 pandemic. The fund started investing during the first quarter of 2021.
SLR HCLF reached its initial target and is focused on directly originated first lien senior secured loans to healthcare businesses, including companies developing innovative drug, medical device, and technology solutions.
SLR foresees a sizable market opportunity for the fund and the healthcare sector, currently accounting for 18% of the US GDP, continues to attract significant financial sponsor and venture capital interest.
Co-founder Michael Gross said, “Since 2006, SLR has invested approximately $2.5 billion in first lien healthcare cash flow and life science loans. Our healthcare team’s distinguished track record, significant experience through credit cycles, industry knowledge, and deep relationships with healthcare-focused equity investors makes SLR ideally positioned to execute this strategy.”
SLR focuses on direct lending for US mid-market companies. It had invested approximately $13bn in 750 portfolio companies according to its website.
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