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Lloyd’s expands investment opportunities through US Direct Lending Fund: Selected Maranon Capital L.P. to manage this fund strategy

December 2023

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Lloyd’s, the world’s leading marketplace for insurance and reinsurance, today announces a new US Direct Lending Fund on the Lloyd’s Investment Platform*.

The new fund offers efficient access to US middle market direct lending opportunities through a tailored fund structure that caters to the specific investment needs of the Lloyd’s market. The direct lending fund solution represents a unique credit opportunity in the largest and most established US private debt market.

The US Direct Lending Fund is the second private asset product on the Lloyd’s Investment Platform, following the launch of the Lloyd’s Private Impact Fund in April this year.

Canopius, a well-established insurer in the Lloyd’s insurance market, is the cornerstone investor for the launch of the new fund alongside the Lloyd’s Central Fund.

Following a full screening of US direct lenders and an extensive due diligence and approval process, Schroders Capital on behalf of the Lloyds Investment Platform has selected Maranon Capital L.P. (‘Maranon’) to manage this fund strategy.

Eleanor Bucks, Chief Investment Officer at Lloyd’s, said: “Through the new fund on our Investment Platform, we are providing the Lloyd’s market with seamless access to the US mid-market lending space. With the expertise of our partners at Schroders and Maranon, we are confident that this latest initiative will provide another significant investment opportunity for the Lloyd’s market.

Gareth Russell, Group Chief Investment Officer at Canopius, said: “The launch of this new fund represents a valuable expansion of investment opportunities for our capital deployed in the Lloyd's market. Access to tailored investment solutions such as the U.S. Direct Lending fund is an attractive development at Lloyds, and we are pleased to support this.”

Ian Larkin, Founding Partner and Chief Executive Officer, Maranon, said: “Maranon is honoured to have been selected as the manager for the Lloyd’s US Direct Lending Fund. We are looking forward to bringing our 16 years of experience investing in over 400 US middle market direct lending transactions to the Fund.”

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