The new unit will be focused on sourcing senior secured, stretch, unitranche and second lien debt for mid-market companies across the US. It will serve mid-market companies with stable cash flows and an EBITDA of $5m to $75m.
NXT Capital underwrites deals of up to $150m in size with a hold of up to $50m.
The firm said the direct originations team will “greatly enhance (the firm’s) ability to support and expand relationships with investment banks, intermediaries, advisors and other parties that serve the middle market.”
Rodgers previously worked as a managing director of Central Region for GE Capital’s Corporate Lending Group, where he managed originations over a ten-state territory.
Group head of corporate finance John Finnerty said, “We’re excited to have such an experienced professional join NXT Capital and lead the Direct Originations Team.
“Rich’s expertise will help us offer non-sponsored companies the speed, reliability, creative structures and significant hold sizes for which NXT Capital is known.”
Back in September last year NXT raised a $500m venture debt fund.
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