Harvard Management Company spinout Evolution Credit hits $1.6bn AUM through debut mid-market lending fund close

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Harvard Management Company spinout Evolution Credit Partners has about $565m of new investable capital thanks to the final close of its debut mid-market lending fund.

Evolution Credit Partners I brings the firm’s assets under management to about $1.6bn.

The firm spun out from HMC in April 2018, and last year hit a $1.1bn final close for its  credit strategy fund, Evolution Credit Partners Finance I.

Its latest fund has invested about $500m across 25 private-equity backed portfolio companies, the firm added.

Law firm Proskauer advised on the fundraise.

Evolution was co-founded by Rene Canezin, the former head of fixed income, credit and commodities at Harvard, and Mike Garnieri.

Garnieri spent 15 years at Lehman Brothers before moving on to become a managing director at Harvard Management Company, where he was focused on its private credit business.

Jo Lu, who covered private credit business at the endowment, joined the firm as managing director and partner.

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