Huntington Beach, California-based Leonid Capital Partners is closing its inaugural private credit fund with approximately $240 million in capital that will be used to support investments in companies in the national security market.
The oversubscribed Leonid Opportunities Fund I generated capital commitments from current and new institutional investors, including Victory Park Capital, the alternative investment management firm said Tuesday.
In mid-September, LCP secured a credit facility valued at $200 million from Chicago-based VCP.
“Amidst higher rates, market uncertainty, and liquidity constraints in the traditional banking sector, we are excited about the risk/reward dislocation we’ve identified in the Government sector. We are grateful for the support of our partners and look forward to continued success together,” said Chris Lay, co-founder of LCP.
In 2019, Leonid introduced its private credit strategy to leverage the opportunity in the federal contracting space by providing companies with advance financing on defense and other government contracts.