Raymond James establishes new private credit business

ST. PETERSBURG, Fla. – Raymond James is expanding the capabilities of its Investment Banking division by partnering with Eldridge Industries and Raymond James Bank to provide private credit solutions to sponsor-backed portfolio companies in four primary sectors: Consumer, Diversified Industrials, Healthcare and Technology & Services. Raymond James has hired credit industry veteran Omer Masud as head of sponsor finance origination to launch the firm’s Private Credit effort.

A new Raymond James Bank-Eldridge Industries joint venture, called Raymond James Private Credit, will offer private credit solutions to portfolio companies of private equity (PE) firms. It will bring together the sector expertise and origination of Raymond James’ Investment Banking platform as well as Raymond James Bank’s lending expertise and Eldridge Industries’ asset management and capital markets expertise. In light of Raymond James’ position as one of the largest middle market M&A platforms with nearly 1,000 PE firms under active coverage, the initiative will strengthen the firm’s relationship with leading PE firms across the middle market.

“The Private Credit business will focus on four key sectors in which we have historically been very strong,” said Jim Bunn, president of Global Equities and Investment Banking at Raymond James. “The private equity community has always been one of our most important client constituencies and the blending of the firm’s powerful investment banking platform with Omer’s expertise in private credit solutions is further proof that we are committed to deepening our PE relationships.”

“Raymond James Bank has a strong history of offering comprehensive lending programs across the country,” said Steve Raney, chair and chief executive officer of Raymond James Bank. “We’re thrilled to partner with Eldridge Industries to extend these capabilities even further, offering $50 million – $250 million+ per transaction to eligible private equity clients.”

“For over 60 years, Raymond James has provided premium solutions to help its clients achieve financial success, and we are delighted to have the opportunity to partner with them,” said Todd Boehly, co-founder and chief executive officer of Eldridge Industries. “Our team firmly believes that private credit is a top asset class, and one that businesses can be in year after year. As such, we are proud to support the launch of Raymond James Private Credit, and look forward to working with the team to accelerate their offerings to PE clients.”

Masud joins Raymond James from Onex Falcon where he served as head of origination and capital markets. He also previously was a managing director in Macquarie’s Financial Sponsors group. He specializes in structuring, negotiating and executing M&A, debt and equity transactions for mid-cap and large-cap companies across a variety of industries and has deep expertise in the PE space including buyouts, acquisitions, restructurings, recapitalizations and exits. He is based in New York City.

Eldridge Industries’ subsidiaries include leading global asset management businesses, and together with these subsidiaries Eldridge Industries provides both debt and equity capital, along with perspective, relationships and a network of supportive businesses committed to growth. With nearly $80 billion in total assets across its investment and insurance subsidiaries, it has investments across the insurance, finance, technology, mobility, sports / gaming, media, real estate and consumer sectors.

GreensLedge acted as advisor to Raymond James.

About Raymond James Financial, Inc.

Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. The company has approximately 8,800 financial advisors. Total client assets are $1.45 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.

About Eldridge Industries

Eldridge Industries invests in businesses across the Insurance, Asset Management, Technology, Mobility, Sports & Gaming, Media, Real Estate, and Consumer landscapes. The firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge Industries is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York, and London. To learn more about Eldridge Industries, please visit www.eldridge.com.

Raymond James is not affiliated with Eldridge Industries.

Raymond James Bank, Raymond James & Associates, Inc., and Raymond James Financial Services, Inc. are affiliates. Raymond James Bank is not in any way responsible for the obligations of its affiliates.