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Kayne Anderson closes latest credit fund at $2 billion

Kayne Anderson Capital Advisors closed its latest middle-market credit fund, Kayne Senior Credit Fund III, at $2 billion, said Douglas Goodwillie, managing partner of Kayne Anderson's middle-market credit business, in an email.

The capital includes equity from separately managed accounts. The fund's target was $1.25 billion.

The new fund is more than double the prior fund, Kayne Senior Credit Fund II, which closed in 2015 with about $800 million and also included separately managed account capital.

The current direct lending fund is expected to originate senior and unitranche private secured loans to middle-market businesses in North America. Since the fund's first close in March of 2017, it has invested around $1.4 billion in 40 investments.

Investors in the fund include the $9.7 billion San Bernardino County (Calif.) Employees' Retirement Association through a master custodial account and Security Life of Denver Insurance Co.