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Tennenbaum Capital Partners closes on $1.9 billion for direct lending

Tennenbaum Capital Partners raised about $1.9 billion in total capital to invest in direct lending, including TCP Direct Lending Fund VIII, said Tricia Ross, spokeswoman, in an email.

Ms. Ross declined to provide the total capital raised by the fund or the size of Tennenbaum's prior vehicle, which was a "segregated mandate," which could be a fund of one or separately managed accounts, she wrote. The $1.9 billion in new capital raised includes separate accounts and feeder vehicles.

The fund is expected to take a value-oriented approach, investing in companies overlooked by other investors due to company characteristics, including industry, legal/regulatory or transactional complexity.

Investors in the fund include $15.3 billion Ohio Police & Fire Pension Fund, Columbus, $13.9 billion Maine Public Employees Retirement System, Augusta, and $9.7 billion San Bernardino County (Calif.) Employees' Retirement Association.