First Citizens Bank has come together with US investment firm Sixth Street to launch a new platform designed to increase middle-market companies’ access to capital equipment financing options.First Citizens Bank and Sixth Street launch joint ventureThe new platform, called Sixty-First Commercial Finance, will seek to provide “mid- and large-ticket capital equipment financings ranging from $5 million to $100 million”, according to a statement on the joint venture.Promising “diverse coverage across equipment asset types and industries”, the solution will leverage Sixth Street’s Asset Based Finance platform to support a product offering of tax leases, loans, capital leases and progress payment financing.The joint venture will be managed by First Citizens Institutional Asset Management, and funded through a bilateral $300 million warehouse finance facility arranged by Bank of America.To lead “all underwriting and portfolio-related activities”, First Citizens Bank has appointed Ryan Berlage, its current director of underwriting, to managing director, chief credit officer and portfolio manager of the joint venture.Berlage has also been named an officer of First Citizens Institutional Asset Management alongside the bank’s chief underwriting officer Edward Moir, and head of capital equipment finance Kevin Ronan.
Gio. Feb 6th, 2025
