The PNC Financial Services Group, Inc. and the TCW Group, Inc. announced they are partnering to deliver private credit solutions to middle market companies. The PNC and TCW partnership formalizes and expands more than 15 years of collaboration between PNC and TCW, combining both institutions' credit expertise: TCW's 23-year track record of successfully originating, underwriting and managing direct lending portfolios; and the strengths of PNC's national client relationships and its leading middle market lending franchise. The new joint strategy will focus primarily on directly originated, senior secured cash-flow and asset-based loans to both sponsored and non-sponsored middle market companies.

PNC and TCW will establish a team to manage all of the strategy's investment activities including origination, underwriting, and portfolio management. The platform is targeted to have $2.5 billion in investor equity capital available to invest in its first year, which will be supported by anchor investments from PNC and Nippon Life, TCW's strategic partner and shareholder. Investment activity is expected to commence in the Fall of 2024.