Fifth Street funds initial investment in new Senior Loan JV

|By:, SA News Editor

The Senior Loan Fund JV 1 - a joint venture between Fifth Street Finace (FSC) and Kemper Corporation (KMPR) - has initially invested $156.5M of its anticipated capacity of about $300M. The initial assets were funded with leverage of $101.5M (a Deutsche loan) and equity of $55M, where FSC funded 87.5% and Kemper 12.5%.

A $200M credit facility with Deutsche should allow the JV to continue to lever itself by about 2:1.