November 24, 2014

Alcentra Announces Final Closing of European Direct Lending Fund

Commitments of Euro 850 Million Reflects Demand for Non-Bank Borrowing in European Market


NEW YORK and LONDON, Nov. 24, 2014 /PRNewswire/ -- Alcentra Limited ("Alcentra"), the sub-investment grade specialist for BNY Mellon, announced the final closing of the Alcentra European Direct Lending Fund, L.P. ("Fund") with investor commitments totaling €850,000,000. The focus of the Fund is to provide debt financing to middle market companies in Europe. With the closing of the Fund, the firm's committed capital for the strategy now exceeds €1,500,000,000.

"Direct lending is a large, attractive, long-term opportunity given the balance sheet constraints of European banks and the historical lack of non-bank lenders," said Graeme Delaney-Smith, managing director and head of European direct lending for Alcentra. "Our size, experience and sourcing capabilities leave us well positioned, and has allowed us to invest a significant amount of the Fund over a relatively short period."

"As one of the largest managers of sub-investment grade, corporate debt in Europe, direct lending has always been a key part of our business platform," commented David Forbes-Nixon, chairman and chief executive officer of Alcentra.   "This fund is a strong endorsement of Alcentra's capabilities, with global investor participation by pension funds, insurance companies, endowments, foundations, wealth managers, and asset managers."

Alcentra has been sourcing and arranging financings to middle market businesses in Europe since its launch in 2003. To date, Alcentra has invested over €2.0 billion in middle market companies across senior debt, unitranche, second-lien, mezzanine and equity investments. In 2012, Alcentra was among the first investment managers selected to participate in HM Treasury's Business Finance Partnership initiative.

Notes to editors:

Alcentra Group is a global asset management firm, specializing in sub-investment grade debt markets. With assets under management of approximately $25 billion 1, Alcentra Group has an investment track record that dates back to 1998. Strategies include: senior loans, high yield bonds, direct lending, structured credit, distressed debt, and multi-strategy credit.  Alcentra Group is owned by The Bank of New York Mellon Corporation and is headquartered in London, with offices in New York, Boston and a local presence in Singapore.  Please visit our website at www.alcentra.com for more information. 

1 Alcentra Ltd and Alcentra NY, LLC (collectively "Alcentra Group") are subsidiaries of BNY Alcentra Group Holdings Inc. The Bank of New York Mellon Corporation ("BNY Mellon") holds 100% of the Alcentra Group.  Assets under management reflect assets of all accounts and portions of accounts managed by Alcentra Group for Alcentra Group and its affiliates. Specifically, certain assets under management reflect assets managed by Alcentra Group personnel as employees of Standish Mellon Asset Management ("Standish"), BNY Mellon and/or The Dreyfus Corporation ("Dreyfus") under a dual employee arrangement. BNY Mellon is not a guarantor of any investment managed by Alcentra. 

BNY Mellon Investment Management is one of the world's leading investment management organizations and one of the top U.S. wealth managers, with $1.6 trillion in assets under management as at June 30, 2014. It encompasses BNY Mellon's affiliated investment management firms, wealth management services and global distribution companies. More information can be found at www.bnymellon.com

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of September 30, 2014, BNY Mellon had $28.5 trillion in assets under custody and/or administration, and $1.6 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.

All information source BNY Mellon as of September 30, 2014. This press release is qualified for issuance in the UK, Europe and US and is for information purposes only. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorized. Any views and opinions contained in this document are those of the investment manager, unless otherwise noted. This press release is issued by BNY Mellon Investment Management (US) and BNY Mellon Investment Management EMEA Limited (BNYMIM EMEA) to members of the financial press and media and the information contained herein should not be construed as investment advice.  Past performance is not a guide to future performance.  The value of investments and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements.  When you sell your investment you may get back less than you originally invested. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. Registered office of BNYMIM EMEA: BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA. Registered in England no. 1118580. Authorized and regulated by the Financial Conduct Authority. A BNY Mellon Company.

 

Contact:


Asmita Kapadia                                    

Mike Dunn                               

+44 207 163 6387

+1 212 922 7859

asmita.kapadia@bnymellon.com         

mike.g.dunn@bnymellon.com   

SOURCE BNY Mellon