Bahrain-based alternative investment firm Investcorp has brokered a deal to purchase Marble Point Credit Management, a US-based collateralised loan obligation (CLO) manager.
An affiliate of Eagle Point Credit Management, Marble Point focuses solely on managing CLOs and portfolios of broadly syndicated leveraged loans.
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Following the completion of the deal, Marble Point will be merged with Investcorp Credit Management, a global credit platform with $14.2bn in assets under management. The merged platform will manage $22bn in assets.
The companies did not reveal financial and other terms of the deal.
Investcorp executive chairman Mohammed Alardhi said: “With $50bn in total firm assets under management after completion of this acquisition, Investcorp is well-poised for the next phase of its evolution and development.”
Marble Point is led by credit markets veterans Thomas Shandell and Corey Geis.
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By GlobalDataUnder the arrangement, Shandell will head the combined US CLO and Investcorp’s syndicated loans business while Geis will serve as director of capital markets, head trader and portfolio manager at Investcorp.
Shandell said: “Investcorp’s credit business has been one of the primary engines in its impressive global expansion and provides an ideal platform to realize the next exciting phase of our continued growth and advancement as a leading credit manager.”
Rishi Kapoor, co-CEO of Investcorp with oversight of its credit businesses said: “This is an exciting moment for us and we are looking forward to having Tom, Corey and the entire Marble Point team join us at Investcorp.
“This strategic acquisition reaffirms our commitment to continue to grow and expand Investcorp’s credit management platform and be a leading global provider of an array of credit-focused products and solutions to our clients.”
Investcorp Credit Management global head Jeremy Ghose said: “This acquisition will result in a $22bn total AUM credit management business with meaningful scale across both US and Europe, and we look forward to further growing the business.”
The deal, subject to customary regulatory requirements, is slated to conclude in the first quarter of 2023.
Last month, reports emerged that Investcorp is set to raise the size of its assets in India to $5bn in the next five years.
