11:12 AM EDT, 05/06/2024 (MT Newswires) -- (Updates with details throughout.)

PNC Financial Services Group ( PNC ) and TCW Group said Monday they are forming a partnership to offer a private credit platform for middle-market firms.

The partnership will focus mainly on directly originated, senior secured cash-flow and asset-based loans to sponsored and non-sponsored middle-market firms.

The platform will target $2.5 billion in investor equity capital available to invest in its first year, backed by anchor investments from PNC and Nippon Life, TCW's strategic partner and shareholder, the companies said.

Investment activity is expected to begin in the fall, PNC and TCW said.

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