Fifth Street Senior Floating, Glick family announce joint venture

By Tali Rackner

Norfolk, Va., Nov. 5 – Fifth Street Senior Floating Rate Corp. announced that it has formed FSFR Glick JV LLC, a joint venture with entities controlled by members of the Glick family, according to a press release.

The joint venture is expected to primarily invest in senior secured floating-rate middle-market corporate debt securities, consistent with Fifth Street's core origination and underwriting strategy.

This partnership is structured similarly to Senior Loan Fund JV I, LLC, a recently formed joint venture between Fifth Street Finance Corp. and a subsidiary of Kemper Corp.

Fifth Street and the Glick family have committed to provide $100 million of subordinated notes and equity to the joint venture, with Fifth Street providing $87.5 million and the Glick family providing $12.5 million.

In addition, FSFR Glick JV intends to seek third-party financing to support the joint venture, the reelase said.

Fifth Street is a specialty finance company that provides financing in the form of floating-rate senior secured loans to small and mid-sized companies, primarily in connection with investments by private equity sponsors. It is based in White Plains, N.Y.

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