First Citizens Bank and global investment firm Sixth Street launched Sixty-First Commercial Finance to provide flexible capital equipment financing solutions for middle-market companies.
The joint venture combines the asset-based finance expertise of Sixth Street with First Citizens Bank’s capabilities to offer mid- and large-ticket equipment financing ranging from $5 million to $100 million across various industries, according to a Feb. 5 release. The platform will be managed by First Citizens Institutional Asset Management.
First Citizens Commercial Finance President Jim Hudak said the initiative enhances the bank’s ability to serve capital equipment clients, according to the release. Kevin Ronan, head of Capital Equipment Finance at First Citizens Bank, emphasized that the venture expands financing options with greater flexibility and execution certainty. Sixth Street Partner Michael Dryden highlighted the partnership as a model for institutions collaborating to create new capital solutions.
Bank of America is structuring and arranging a $300 million warehouse finance facility to fund the joint venture, according to the release. Sixty-First Commercial Finance will offer tax leases, loans, capital leases, and progress payment financing, catering to industries including transportation, construction, Jones Act marine, manufacturing, material handling, air medical helicopters, warehouse distribution, and furniture and fixtures.
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