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King Street Capital Management announced the final close of its Global Drawdown Fund II with $2.3 billion of capital commitments, exceeding its $2 billion target.

Pittsburgh-based PNC Financial Services Group Inc. (NYSE:PNC) announced the cash transaction on Tuesday and said the transaction closed on Monday.

"PNC has long participated in the capital commitments business and the acquired portfolio is highly complementary," the bank said in a statement. The popularity of the credit vehicles has soared over the past decade among PE and private real-estate investment firms. The transaction, to be funded with cash on hand, is expected to immediately add to PNC's earnings, and will represent about 10 cents per share in the fourth quarter of 2023, PNC Bank said.

H.I.G. Capital closed its H.I.G. Middle Market LBO Fund IV with $5.5 billion in aggregate capital commitments, in addition to co-investment separately managed accounts of $450 million

At a time when securing venture capital funds is not especially easy, Lighter Capital continues to provide non-dilutive funding, in the way of revenue-based financing, to technology startups. The firm, led by Melissa Widner, CEO, was founded in 2010 and has since provided hundreds of millions dollars in financing via more than 1,100 rounds of growth capital without startups having to sell equity. Lighter Capital designed its revenue-based financing model for tech companies in the SaaS, technology services, subscription services and digital media sectors that already have revenue and are grow...