THL Credit, Perspecta form joint venture for middle-market investments

By Toni Weeks

San Luis Obispo, Calif., Dec. 3 – THL Credit, Inc. and Perspecta Trident LLC, an affiliate of Perspecta Trust LLC, have formed a joint venture that will invest primarily in senior secured first-lien loans to middle-market companies and other corporate debt investments, consistent with THL’s origination and underwriting strategy.

According to a press release, the joint venture, named THL Credit Logan JV LLC, will initially receive $120 million and $30 million of capital from THL Credit and Perspecta, respectively.

In additional, Logan JV has agreed to terms with a third party to provide credit financing and expects to begin funding the portfolio with new investments this month.

THL Credit is an externally managed, non-diversified, closed-end management investment company based in Boston. Its investment objective is to generate both current income and capital appreciation by investing primarily in privately negotiated debt and equity securities of middle-market companies.

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