Personal fairness agency Clearlake Capital Group has agreed to amass MV Credit score from Natixis Funding Managers, including $5.1bn (£3.8bn) in belongings beneath administration (AUM) to the agency.
The deal for the pan-European personal credit score specialist is expects to shut within the fourth quarter of 2024.
MV Credit score was based in 2000 and is headquartered in London. It was acquired by Natixis in 2018. It gives investments throughout senior direct lending, subordinated direct lending, hybrid and collateralised mortgage obligations. The agency has deployed greater than $11bn since inception working with sponsors like EQT, Cinven and Bain Capital.
The acquisition will take Clearlake’s credit score AUM as much as $28bn, and its total belongings to $90bn. The agency may even have a staff of greater than 230 people.
Since 2006 Clearlake has deployed greater than $40bn in debt and most well-liked fairness investments. It’s buying MV Credit score to broaden its world direct lending capabilities.
“With this acquisition, Clearlake’s credit score enterprise will attain important scale, with credit score AUM rising from ~$6bn in 2020 to over $28bn in the present day,” stated Behdad Eghbali, co-founder and managing accomplice at Clearlake. “We’ve got been very deliberate in how we’ve constructed our credit score enterprise, and the addition of MV Credit score, with extremely complementary direct lending capabilities, gives us with new alternatives for strategic progress.”
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Frédéric Nadal, chief government of MV Credit score, added: “The demand for personal credit score retains rising, and the partnership with Clearlake permits us to additional handle shopper wants all over the world. Our corporations share a tradition of teamwork, integrity and dedication to excellence. We sit up for being a part of the Clearlake household.”
Personal credit score has turn into more and more fashionable over the previous couple of years, with many asset managers rising their capabilities by means of acquisitions. Most just lately Janus Henderson, a conventional asset supervisor, introduced its acquisition of worldwide personal credit score supervisor Victory Park Capital, which has belongings beneath administration of $6bn.
Again in July, Seviora Group, an asset supervisor owned by Singapore’s Temasek, acquired a stake in credit score supervisor ADM Capital. And Blue Owl Capital purchased Atalaya Capital Administration for $450m.
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