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