Citi is teaming up with alternative investment manager LuminArx Capital to launch a private lending vehicle for companies.
Called Cinergy, the venture will offer a range of private credit solutions to companies, including Citi’s global client base. It will invest across multiple asset classes, including asset-backed credit and corporate debt across the capital structure.
LuminArx and its global institutional partners are committing more than $2 billion of capital, while Citi’s Spread Products franchise will provide leverage solutions to expand Cinergy’s investment capacity.
“The private lending market is experiencing transformative growth, and we are pleased that Cinergy will enhance our ability to meet the capital needs of our clients,” says Mitali Sohoni, head, asset-backed financing, Citi.