The multi-family office Cresset Partners is entering into a strategic investment partnership with NXT Capital, a Chicago-based fund manager that lends to midsize businesses in the U.S.
Cresset’s Private Credit Fund for its family office clients will now be diversified with investment opportunities facilitated by NXT Capital, with an emphasis on floating-rate, senior secured loans given to lower-middle-market companies. ORIX USA-owned NXT Capital targets U.S.-based borrowers with earnings before interest, taxes, depreciation and amortization (EBITDA) of between $5 million and $50 million. Its direct-lending team has closed $28.5 billion in commitment across more than 500 transactions since 2010.
“With NXT’s tenure and specialization in lower-middle-market lending, we are looking forward to growing this partnership and providing additional access to private credit for our client base,” said Bradley Schneider, managing director and head of private credit at Cresset.
Cresset manages more than $52 billion in assets for its high-net-worth and ultra-high-net-worth clients. The firm expanded its family office services this month with its acquisition of Connable, a Michigan-based multi-family office that has existed for 130 years.