Fidelity International has launched its first private lending fund with a loan to a Dutch dental services company.
(Bloomberg) — Fidelity International has launched its first private lending fund with a loan to a Dutch dental services company.
The asset manager, which oversees about $750 billion, announced a senior financing package for Clinias Dental Group, which is owned by investment firm Bencis along with Clinias’ management.
The deal forms part of a new Luxembourg-domiciled fund, which will focus on senior secured loans to mid-market companies, mainly in northern and western Europe, and will align to Sustainable Finance Disclosure Regulation Article 8, Fidelity said in a statement Monday.
Fidelity is the latest asset manager to launch a fund focused on the increasingly popular $1.5 trillion private credit market.
Many firms have been hiring teams or buying niche businesses in the space to launch these products, which typically charge higher fees than funds investing in public equities and bonds.
The firm’s private lending team now has nearly 20 people.
Since 2021, Fidelity has hired about 70 staff to build out its wider private markets business. A spokesperson did not comment on the size of the fund or the terms of the Clinias deal.
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