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Principal Global provides alternative credit financing for Versant Diagnostics


Principal Global Investors has become a key funding partner of Versant Diagnostics, a recently launched physician-led pathology group based in Chicago. Principal Global, through its direct lending business, Principal Alternative Credit, announced Monday it served as sole lead arranger and administrative agent on senior secured credit facilities for Versant. The pathology group was launched in October as a portfolio company of Iron Path Capital, in partnership with Alliance Pathology Consultants. The companies did not disclose the amount of the financing, but Principal Global said its direct lending team targets transactions of $25 million to $200 million, with typical hold sizes of $10 million to $50 million. “Principal delivered by committing to the entire facility in support of Versant,” said Rob Reistetter, co-founder of Iron Path Capital. “Their knowledge in the healthcare sector allowed them to move quickly to provide the optimal financing solution for the transaction, demonstrating their flexibility and ability to execute.” Versant Diagnostics specializes in digital pathology, an emerging technology widely believed to become the standard of care in the near future.

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