Private equity giant Thomas H. Lee Partners has become the latest alternatives firm to make a run at the troubled credit markets with a new offering.

The Boston-based firm’s THL Credit Group has raised $500 million in equity and financing commitments for its new THL Credit Partners. The credit fund will invest in a wide variety of securities, utilizing leveraged finance, structured credit and minority equity transactions.

Based in Boston, THL Credit also has offices in Houston and Los Angeles.