Medalist Partners, a New York-based private credit firm, has closed its Asset-Based Private Credit Fund III on approximately $600 million.
The fund exceeded its target and nearly doubled the size of the predecessor fund.
Medalist Partners invests in asset-based loans, which are secured by tangible assets such as equipment, receivables, and inventory. The firm focuses on smaller and less crowded parts of the market, with transactions generally between $5 million and $30 million.
The new fund received strong support from both new and existing investors, including pensions, endowments, foundations, consultants, family offices, and high net worth individuals.
“We are incredibly grateful for the strong support of existing partners and new relationships in exceeding our target raise, particularly given the challenging fundraising environment over the past year,” said Michael Ardisson, President & COO of Medalist Partners. “We look forward to building upon these partnerships as we work diligently to deliver outstanding results for our clients.”
“We have continually differentiated our asset-based private credit platform with a focus on robust collateral and consistent cash flow in niche parts of the specialty finance market,” said Greg Richter, Medalist’s Chief Executive Officer.
Medalist Partners plans to use the new funds to make investments in a variety of asset-based lending strategies, including equipment finance, receivables finance, and inventory finance. The firm is also interested in making investments in other asset-based lending strategies, such as litigation finance and healthcare finance.
“We are excited to deploy this new capital and continue to grow our business,” said Ardisson. “We believe that the asset-based private credit market is well-positioned for growth in the years to come.”
Medalist Partners was founded in 2018 by Ardisson, Greg Richter, and John Slonieski. The firm is headquartered in New York City.
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