Achievement October 3, 2025

Blue Sage Capital’s Strategic Credit Fund Closes at $287 Million With Troutman Pepper Locke’s Counsel

DETROIT – Troutman Pepper Locke advised Blue Sage Capital (Blue Sage), a leading lower-middle market private capital firm, in its first and final close of the Blue Sage Strategic Credit Fund, L.P., at $287 million, including a substantial commitment from the general partner. The fund was significantly oversubscribed, closing above its initial target of $150 million and initial hard cap of $262 million. For more information, see the press release.

Blue Sage structured the new fund as a Small Business Investment Company (SBIC) and limited the fund size to maintain its lower-middle market focus. The fund continues Blue Sage’s strategy of partnering with founders, families, and management teams in high-potential, lower-middle market businesses.

The Troutman Pepper Locke team that advised Blue Sage was led by Michael Temple, Patrick Bianchi, Taylor Belknap Smith, and Saba Ashraf.

Troutman Pepper Locke’s national SBIC practice offers comprehensive and cost-effective solutions for SBICs in fund formation, licensing, regulatory matters, investment activities, and portfolio company counseling. As one of the oldest and largest SBIC practices in the U.S., the team works closely with the Small Business Investor Alliance (SBIA) and the SBA to constantly improve program policies that the firm helped to create decades ago.

Troutman Pepper Locke

Troutman Pepper Locke helps clients solve complex legal challenges and achieve their business goals in an ever-changing global economy. With more than 1,600 attorneys in 30+ offices, the firm serves clients in all major industry sectors, with particular depth in energy, financial services, health care and life sciences, insurance and reinsurance, private equity, and real estate. Learn more at troutman.com.