NEW
YORK, Feb. 5, 2025 /PRNewswire/ -- First
Citizens Bank and Sixth Street, a leading global investment firm,
today announced the launch of Sixty-First Commercial Finance, a new
platform managed by First Citizens Institutional Asset Management,
LLC and designed to provide flexible capital equipment financing
solutions to middle market companies.
A joint venture between Sixth Street's Asset Based Finance
platform and First Citizens Bank, Sixty-First Commercial Finance
will leverage the well-established capabilities and expertise of
both institutions to provide mid- and large-ticket capital
equipment financings ranging from $5
million to $100 million, with
diverse coverage across equipment asset types and industries.
"First Citizens Bank is a top 20 U.S. bank and also among the
five largest banks in equipment finance1," said
Jim Hudak, president of First
Citizens Commercial Finance. "This strategic initiative represents
a significant step forward for First Citizens Bank's capacity to
serve capital equipment clients and to leverage our deep industry
knowledge and long-standing expertise in this sector."
"With the launch of Sixty-First Commercial Finance, we're
providing the equipment finance industry with market
differentiating financing capabilities," said Kevin Ronan, head of Capital Equipment Finance
at First Citizens Bank. "Our clients now have access to even more
attractive financing alternatives with greater flexibility and
greater certainty of execution through the combined capabilities of
First Citizens Bank and Sixth Street."
"We are proud to be partnering with First Citizens Bank on this
novel structure to support and augment their existing deep
equipment finance and leasing capabilities," said Michael Dryden, Partner and Head of Asset Based
Finance at Sixth Street. "This is a great example of how
institutions like ours can work together to create new capital
solutions that expand capacity for the bank's clients and grow new
financing activity."
In conjunction with the launch, Bank of America is structuring
and arranging a bilateral $300
million warehouse finance facility to fund the Sixty-First
Commercial Finance joint venture.
Sixty-First Commercial Finance's product offering consists of
tax leases, loans, capital leases and progress payment financing,
designed to serve the mission-critical equipment financing needs of
middle market companies across a range of industries -- including
transportation, construction, Jones Act marine, discrete and
process manufacturing, material handling, air medical helicopters,
warehouse distribution, and furniture and fixtures.
With the formation of Sixty-First Commercial Finance,
Ryan Berlage, who has been with
First Citizens Bank since 2020, will serve as managing director and
chief credit officer and portfolio manager of the joint venture, as
well as an officer of First Citizens Institutional Asset
Management, LLC. In this role, Berlage will lead all underwriting
and portfolio related activities, drawing on his 20-plus years of
experience in the equipment finance industry and his firsthand
knowledge of building new leasing platforms for banks and
non-banks.
Additionally, First Citizens Bank executives Ronan and Chief
Underwriting Officer Edward Moir
have been appointed as officers of First Citizens Institutional
Asset Management, LLC and will provide ongoing oversight to
Sixty-First Commercial Finance. First Citizens Institutional Asset
Management, LLC, an SEC registered investment advisor, is a
wholly-owned subsidiary of First Citizens Bank.
To learn more about Sixty-First Commercial Finance, visit
firstcitizens.com/cef.
About First Citizens Bank
First Citizens Bank helps
personal, business, commercial and wealth clients build financial
strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a
unique legacy of strength, stability and long-term thinking that
has spanned generations. First Citizens offers an array of general
banking services including a network of more than 500 branches and
offices in 30 states; commercial banking expertise delivering
best-in-class lending, leasing and other financial services coast
to coast; innovation banking serving businesses at every stage; and
a nationwide direct bank. Parent company First Citizens BancShares,
Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with
more than $200 billion in assets.
Discover more at firstcitizens.com.
About Sixth Street
Sixth Street is a global
investment firm with over $100 billion in assets under
management and committed capital. The firm uses its long-term
flexible capital, data-enabled capabilities, and One Team culture
to develop themes and offer solutions to companies across all
stages of growth. Founded in 2009, Sixth Street has more
than 650 team members including over 280 investment professionals
around the world. For more information, visit
https://sixthstreet.com or follow Sixth Street on
LinkedIn.
FIRST CITIZENS MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran2@firstcitizens.com
FOR SIXTH STREET:
Patrick
Clifford
m: +1-646-906-4339
media@sixthstreet.com
1 Per the annual Bank 50 listing in Monitor magazine,
a leading equipment finance industry trade publication.
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SOURCE First Citizens Bank
