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White Oak closes $2.1 billion direct lending fund

White Oak Global Advisors closed White Oak Yield Spectrum Fund, a direct lending fund, at $2.1 billion, a spokesman said.

The fund exceeded its $1.75 billion fundraising target. It closed on 62% more capital than White Oak's previous direct lending fund, the $1.3 billion White Oak Summit Fund, which closed in March 2016.

The fund will primarily invest in first-lien, directly originated loans, including term loans, asset-based loans, and equipment financing for small- and midsized companies.

Investors in the fund include $4.3 billion San Mateo County Employees' Retirement Association, Redwood City, Calif.