TCW Strategic Ventures enters into $500 million revolving facility

By Marisa Wong

Madison, Wis., June 10 – TCW Direct Lending Strategic Ventures LLC (TCW Strategic Ventures) entered into a $500 million revolving credit facility on June 5, according to an 8-K filing with the Securities and Exchange Commission.

TCW Direct Lending LLC and an affiliate of Security Benefit Corp. and accounts managed by Oak Hill Advisors, LP entered into an agreement on June 5 to become members of TCW Strategic Ventures, which will focus primarily on making senior secured floating-rate loans to middle-market borrowers.

TCW Direct’s capital commitment is $400 million, representing about 80% of the preferred and common equity ownership of TCW Strategic Ventures, with the third-party investors representing the remaining capital commitments and preferred and common equity ownership.

A portion of TCW Direct’s capital commitment was satisfied by the contribution of two loans to TCW Strategic Ventures.

TCW Strategic Ventures entered into the $500 million revolver on top of those two loans to finance a portion of some eligible investments.

Details of the facility were not disclosed in the 8-K filing.

TCW Direct is a Los Angeles-based lender that targets middle-market companies.

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