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NXT Capital raises $415m

The US-based firm closes fifth senior direct lending vehicle above target.

NXT Capital Senior Loan Fund V has held a final close at $415 million, surpassing its equity target of $350 million. The vehicle will provide senior secured loans focused on the US mid-market and will have a total investment capacity of $1.2 billion.

The previous fund in the series, NXT Capital Senior Loan Fund IV, held a final close at $312 million in October 2016.

The Teachers’ Retirement System of the State of Illinois has committed to both vehicles.