Private equity firm BC Partners initiates fresh private credit investment fund
In the dynamic world of private credit, BC Partners Credit and Great Lakes have announced the launch of their latest joint venture, Great Lakes III. This fund focuses on providing flexible, scalable unitranche financing solutions tailored to middle-market companies.
The partnership between BC Partners and Great Lakes, which began in 2018, has proven to be a successful one. Great Lakes, a top originator of first-lien loans in the middle market, brings its deep market expertise to the table. The new fund, Great Lakes III, is a successor to BCP Great Lakes II, which had a size of $1.6bn.
Great Lakes III, launched in August 2025, has seen overwhelming support from investors. More than 75% of the investors in BCP Great Lakes II have chosen to roll their commitments over to Great Lakes III, reflecting strong confidence in the strategy. The fund is structured as a three-year investment vehicle, offering new investors access to a diversified portfolio.
The fund has delivered an annualized current yield of around 14% net since inception, underscoring its disciplined and effective strategy. The investment approach is focused on middle-market companies across sectors like Business Services, Industrials, Healthcare, and select others, providing unitranche loans to meet flexible financing needs in complex market environments.
Ted Goldthorpe, head of credit at BC Partners, expressed his gratitude for the continued partnership of investors. He emphasized the seamless transition between funds and the team's commitment to delivering strong returns.
It's important to note that the investment figure in the Indian private credit market is not directly compared to the size or performance of Great Lakes III or any other fund. However, it's worth mentioning that the private credit industry was a $1.7tn market at the time the partnership began, indicating a growing interest in such investments.
In conclusion, the launch of Great Lakes III marks another successful step in the partnership between BC Partners Credit and Great Lakes. With a focus on middle-market companies and a disciplined investment approach, the fund aims to continue delivering strong returns to its investors.
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