Tree Line Capital Partners closed its fourth flagship fund at $1.1 billion, the largest raise in the firm’s history. Tree Line Capital Partners just closed its fourth main fund, Tree Line Direct Lending IV, LP, pulling in a total of $1.1 billion. Tree Line aimed for $550 million in equity, but they landed $724 million, plus another $355 million in leverage commitments. U.S. pension funds and other institutional investors were particularly interested in the perceived risk-adjusted return profiles in the lower middle-market credit space. They also like to point out their track record of hundreds of deals closed, supporting everything from acquisitions to recapitalizations and other growth moves for lower middle-market companies.