Czech Asset Management closed its second direct lending fund, SJC II, with commitments totaling $1.5 billion, well above its $1 billion fundraising target and at the fund's capacity limit, said Stephen J. Czech, managing partner and chief investment officer, in an interview.
SJC II provides U.S. and European middle-market companies with privately negotiated, floating-rate, senior-secured loans.
Mr. Czech said in the interview the firm is finding plenty of financing opportunities in the midsize corporate market because many existing lenders have abandoned this sector. SJC II already has drawn down and invested $300 million from institutional, family office and high-net-worth investors. The Michigan Bureau of Investments, Lansing, invested $250 million in SJC II and $100 million in SJC I on behalf of the $54.2 billion of defined benefit plan assets it manages for Michigan Retirement Systems.
Other investors in the second fund include the $27.7 billion South Carolina Retirement Systems, Columbia, $50 million; $18.2 billion San Francisco City & County Employees' Retirement System, $25 million; and the $7.2 billion Arizona Public Safety Personnel Retirement System, Phoenix, $70 million.