A New Mountain private credit fund sold $477 million of assets at 94 cents on the dollar, at a time when investors have grown increasingly concerned about the risks underlying the $1.8 trillion market.
New Mountain Finance Corp., a business development company, said it was selling the assets for “the purposes of increasing portfolio diversification, reducing PIK income and enhancing financial flexibility,” according to a statement Tuesday. Company executives told investors late last year that they were looking to sell as much as $500 million of assets.
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