SLC Management files for $626.5 million private credit fund

SLC Management filed a Form D on Oct. 28 for the SLC Management U.S. Intermediate Investment Grade Private Credit Fund, L.P., listing a $626.5 million offering amount.

The SLC fund is the only credit filing in the week's batch with a stated size. The Form D classifies the vehicle as an "other investment fund" within the SEC's pooled investment fund category, and the intermediate investment-grade label comes from the fund's name. No first sale had occurred when the form was submitted, so the filing registers a new offering rather than a completed raise. Terms beyond the offering amount were not disclosed.

For allocators screening the week's credit filings, the SLC fund is the only one with a size that can be checked against a capacity limit. The other two filings list indefinite amounts. They are Three Lions Capital Management's Special Situation Fund I, L.P., filed Oct. 28, and Ares USD U HB Rated Notes Feeder LP, filed Oct. 29.

The $626.5 million is a total offering amount, the ceiling on what the vehicle may sell, rather than capital committed.

Three Lions Capital Management filed its Form D on the same day as SLC, listing an indefinite offering amount and a private equity fund type. The fund's name describes an opportunistic and distressed credit strategy. Ares USD U HB Rated Notes Feeder LP, filed Oct. 29, names IDF VI GP LTD as manager. Its placement agents are Ares Management Capital Markets LLC and Citigroup Global Markets Inc., and it is the only one of the three to name placement agents.