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Private equity firms TPG and Francisco Partners have turned to direct lenders to fund their acquisition of publicly traded software company New Relic, according to 9fin sources.

The $6.5bn buyout, which was confirmed in a press release today, comes amid a wave of take-private transactions by private equity sponsors — and intense competition between banks and private credit firms over who gets to finance them.

Blue Owl is leading the financing for the New Relic deal, which comprises a term loan in excess of $2bn in size, according to the sources. The deal is structured as an ARR loan, and the financing package includes a revolving credit facility, the sources said.

New Relic had reportedly been seeking a buyer since this time last year. The deal values the company at $87 per share. That’s roughly 80% higher than in June 2023, when its stock bottomed out at $46.

As they have become a bigger focus for PE sponsors, take-privates have also become a popular avenue for private credit firms to deploy cash. Last month, for instance, KKR’s acquisition of Circor received financing from Ares and Apollo.

That’s not to say that the pipeline of sponsor-to-sponsor deals is completely empty, however: indeed, TPG itself tapped direct lenders to fund its buyout of Nextech, as we reported last week. Blue Owl was also involved in that deal, although it did not lead the transaction.

Francisco Partners and TPG declined to comment. Blue Owl and New Relic did not respond to a request for comment.

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New Relic gets $2bn-plus private credit loan to fund LBO

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