Specialty finance company Horizon Technology Finance Corp. formed a 50/50 joint venture with global investment firm Arena Investors LP.
The two parties initially pledged up to $25 million of equity each to the new Horizon Secured Loan Fund I LLC venture, with plans to inject a combined equity capital of up to $100 million.
An undisclosed U.S.-based insurer provided an initial $100 million senior secured debt commitment to bolster the joint venture's ability to pursue attractive debt origination activities. The insurer also agreed to potentially increase its commitment to the venture to $200 million, according to a release.
Horizon Technology Finance CFO Daniel Trolio said the joint venture should expand the company's venture lending brand, while allowing it to diversify its investments.
