Andalusian Credit Reports Joint Venture With Carlyle, $60M Equity Commitment

What Happened
Andalusian Credit Company, LLC announced on March 23, 2026 that it entered into an Amended and Restated LLC Agreement to form Andalusian Credit Rated JV I LLC, a joint venture with affiliates of Carlyle Global Credit Investment Management. The Company and Carlyle committed to invest up to a combined $60,000,000 of equity—Andalusian up to $52,500,000 (Class B Interests) and Carlyle up to $7,500,000 (Class A Interests). Andalusian made its initial capital contribution in kind by contributing an initial portfolio of loans.

Key Details

• Joint venture formation date: March 23, 2026; filing: Form 8-K (Item 8.01).
• Total equity commitments: $60,000,000 (Company $52,500,000 Class B; Carlyle $7,500,000 Class A).
• Distribution priority: holders of Class A Interests receive distributable proceeds before Class B holders.
• Governance: four-member Board of Managers (two designees each from Carlyle and Andalusian); key decisions require Board approval including at least one designee of each party.
• Additional facts: Andalusian Credit Partners, LLC engaged to provide administrative services. The JV issued delayed-draw notes (rated by Morningstar DBRS) to Carlyle with initial commitment amounts: Class A $115M, Class B $8M, Class C $12M, Class D $5M. Company ownership capped at 87.5% of outstanding interests.

Why It Matters
This filing describes a new strategic partnership that positions Andalusian to invest alongside a large credit manager (Carlyle) in middle-market and other private credit assets. Key investor takeaways are the scale of Andalusian’s equity commitment ($52.5M), the priority given to Carlyle’s Class A distributions, the shared governance structure, and the JV’s capital structure (including rated delayed-draw notes). These elements affect how returns and control are allocated within the JV and indicate the vehicle’s intended focus on cash-flow producing private credit investments.