Direct Lending Strategy

First Eagle Direct Lending strategy seeks to provide flexible financing solutions to the US middle market through privately originated and privately negotiated senior secured loans. Our investment strategy relies on a proactive, comprehensive approach to transaction deal sourcing, a robust due diligence process, underwriting expertise supported by strong industry knowledge, and ongoing active portfolio management.

Strategy at a glance

  1. The above are not investment guidelines or restrictions and are subject to change without notice.

  2. The information provided is not to be construed as a recommendation or an offer to buy or sell or the solicitation of an offer to buy or sell any fund or security.

Investment Approach

Our Direct Lending team seeks to invest in private equity sponsored middle market companies primarily through directly originated senior secured first lien loans, including asset-based loans, opportunistic senior debt, unitranche and second lien debt.   We invest primarily in companies that are located in North America and focus on companies with an EBIDTA over $5 million with an emphasis on $10-40 million. FEAC employs a rigorous and disciplined underwriting and due diligence process that includes a comprehensive understanding of a portfolio company’s industry, market, operational, financial, organizational and legal position and prospects.

First Eagle Alternative Credit

Strategy at a glance

  1. The above are not investment guidelines or restrictions and are subject to change without notice.

  2. The information provided is not to be construed as a recommendation or an offer to buy or sell or the solicitation of an offer to buy or sell any fund or security.

Competitive Advantages

  • An experienced management team

    Dedicated and experienced investment professionals led by our senior management team that average more than 20 years of private capital investment experience. Each individual brings a distinct investment perspective and skill set having invested through multiple business and credit cycles across the entire capital structure.

  • A proactive sourcing platform

    Our originators have a deep and diverse relationship network in the debt capital and private equity markets helping drive a robust deal pipeline. Located across five regional offices, we are able to build trusted, long-standing relationships on a local level.

  • Expertise and brand recognition among PE sponsors

    We have the institutional knowledge and operational infrastructure required to be a trusted debt provider in the middle market. Our comprehensive underwriting methodology and monitoring processes have been developed from 14 years of investing in direct lending credit strategies.

  • Collaboration with the Tradable Credit team

    Working closely with our Tradable Credit team, who manages over $15B in assets, enhances our transaction sourcing capabilities as well as provides us the opportunity to gain additional perspectives on specific companies, industries, and broader market trends.

  • James Fellows Headshot

    James Fellows

    Co-President and Chief Investment Officer of FEAC
    Industry start:  
    1987
    Year joined:  
    2004

  • Michelle Handy

    Senior Managing Director and Chief Investment Officer of Direct Lending
    Industry start:  
    1997
    Year joined:  
    2016
  • Robert Hickey Headshot

    Robert Hickey

    Senior Managing Director and Chief Investment Officer of Tradable Credit
    Industry start:  
    1988
    Year joined:  
    2004

Rotating Members