FinTech: Alternative Credit Firm Evolution Credit Raises Over $1B

March 8, 2023 | FinTech, News

Evolution Credit Partners manages approximately $3 billion across a range of leveraged finance and trade finance strategies.

Boston-based alternative credit firm, Evolution Credit Partners Management, has announced the final close of its opportunistic credit strategy, Evolution Credit Opportunity Fund II, L.P. (ECO II). With approximately $1.05 billion of investable capital, the Fund will invest opportunistically across Evolution’s entire credit platform, including leveraged finance and trade finance strategies.

It will provide customized private capital solutions to both companies seeking longer-term financing for acquisitions, and shorter-term working capital needs. (CISION PR Newswire)

Since its inception in April 2018, when it was spun out from Harvard Management Company, Evolution has committed roughly $5 billion of capital, and grown its own capital from $300 million to about $3 billion.

Meanwhile, ECO II has already invested over $700 million to date, inclusive of nearly $300 million of contingent credit transactions, taking advantage of tactical opportunities in the latter half of 2022.

Evolution Credit now has four commingled fund offerings, including ECO II, which are closed to new investors. Its investors are comprised of pension funds, endowments and foundations, asset managers, and other US and global institutions.

Furthermore, Evolution’s inaugural hedge fund product, Evolution Credit Partners Trade Finance Fund, L.P., reached its initial target of approximately $100 million in December 2022 and is presently soft closed to new investors.

Related Story:  AI-Enabled Credit Platform Liquidity Raises $775M

Image by svklimkin from Pixabay

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