#United States #New York #First Citizens #Sixth Street #Sixty-First

First Citizens Bank and Sixth Street Launch New Financing Platform

First Citizens Bank, recognized as a major player among U.S. banks, along with Sixth Street, a prominent global investment institution, has recently unveiled Sixty-First Commercial Finance. This innovative platform aims to provide adaptable capital equipment financing solutions targeted at middle market companies.

This collaboration merges Sixth Street's expertise in asset-based finance with First Citizens Bank's extensive banking infrastructure. Together, they plan to cater to the financing needs of various sectors, facilitating transactions ranging from $5 million to $100 million. This range signifies their commitment to supporting mid- to large-ticket capital equipment financings across multiple industries.

Jim Hudak, the president of First Citizens Commercial Finance, expressed optimism regarding this joint venture. He highlighted that First Citizens Bank is among the top 20 banks in the U.S. and recognized as a leader in equipment finance. “This strategic initiative indicates a substantial advancement in our capacity to aid capital equipment clients, leveraging our deep-seated industry knowledge and expertise,” he commented.

Each firm's strengths complement one another to provide unique financing capabilities in the equipment finance sector. Kevin Ronan, head of Capital Equipment Finance at First Citizens Bank, noted that this venture offers attractive financing alternatives that bring increased flexibility and assurance.

Furthermore, this initiative has led to the establishment of a $300 million warehouse finance facility by Bank of America to support the Sixty-First Commercial Finance platform. The funding will facilitate various financial products, such as tax leases, loans, capital leases, and progress payment financing, each tailored to meet the specific equipment financing needs of middle market firms.

Industries benefiting from these offerings will include transportation, construction, marine, discrete and process manufacturing, and logistics, ensuring widespread applicability across markets.

Ryan Berlage, who has been integral to First Citizens Bank since 2020, has been appointed as the managing director, chief credit officer, and portfolio manager of this new venture. His extensive experience in the equipment finance industry will be crucial in leading all underwriting and portfolio activities, further strengthening this collaborative effort.

The governance of Sixty-First Commercial Finance will also see involvement from top executives at First Citizens Bank, including Ronan and Chief Underwriting Officer Edward Moir, who will oversee operations. The platform is a wholly-owned subsidiary of First Citizens Bank, operating under its institutional asset management arm.

To delve deeper into the offerings available through Sixty-First Commercial Finance, interested entities can visit firstcitizens.com/cef.

About First Citizens Bank

First Citizens Bank is committed to fostering enduring financial strength for its clients, spanning personal, business, commercial, and wealth services. Its headquarters in Raleigh, North Carolina reflects a legacy built on stability and long-term vision—a legacy that continues to evolve with the changing economic landscape. As a significant player in U.S. banking with over $200 billion in assets, First Citizens offers a diverse range of services including commercial banking and innovative banking solutions.

About Sixth Street

Established in 2009, Sixth Street is a global investment firm managing over $100 billion in assets. The firm employs its capital alongside data-driven strategies to provide innovative solutions tailored to companies at various growth stages. With a staff of over 650, including more than 280 investment professionals, Sixth Street exemplifies a collaborative culture in finance and investment.

This partnership between First Citizens Bank and Sixth Street illustrates a forward-thinking approach to capital equipment financing, marking a significant milestone for middle market businesses seeking flexibility and reliability in their financing options.