Eldridge and Carlyle AlpInvest have closed the inaugural fund in Eldridge’s diversified credit platform, Eldridge Diversified Credit Fund I (EDCF I). Additionally, Carlyle AlpInvest and its co-investors have made an equity commitment to Eldridge managed vehicles.
BNP Paribas provided debt financing of up to approximately $1.5 billion in capital, the firms said in a press release.
“We are pleased to partner with Eldridge on its first diversified credit fund and support this next phase of growth,” said Mike Hacker, partner at Carlyle AlpInvest. “Eldridge’s highly compelling diversified credit platform combines its corporate credit capabilities with its leading asset-based equipment origination franchise, creating a broader and more flexible toolkit for navigating the market.
Multi-Strategy Credit Platform
EDCF I was established through a credit secondary solution and made possible by the purchase of loans and leases from Eldridge and its affiliates. The Fund’s capital base includes commitments from leading institutional investors globally.
“Our goal is to meet the evolving needs of institutional borrowers while generating attractive returns through a differentiated, multi-strategy credit platform,” said Nicholas Sandler, co-president and co-head of diversified credit at Eldridge.
PJT Partners served as lead financial adviser and Jefferies served as co-lead. Kirkland & Ellis LLP acted as legal counsel to Eldridge. Ropes & Gray LLP acted as legal counsel to Carlyle AlpInvest.
Eldridge is an asset management and insurance holding company with more than $70 billion in assets under management. Eldridge Capital Management focuses on four investment strategies: diversified credit, GP solutions, real estate credit, and sports and entertainment.
Carlyle AlpInvest is a global private equity investor with $102 billion in assets under management and more than 700 investors as of Sept. 30, 2025.
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