Asset manager Candriam and its sister affiliate New York Life Investments Alternatives (NYLIA) have collaborated with private markets investor Kartesia Management.
As part of the strategic partnership, Candriam and NYLIA will pick a minority stake in Kartesia, which provides private capital solutions for small and mid-sized companies.
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Financial terms of the deal, which is expected to close by the end of this year, were not shared.
Kartesia, which oversees more than €2.5bn in assets, focuses on the European secondary and primary leveraged loan market, such as senior debt, mezzanine, minority equity interest and CLO liabilities.
As part of the alliance, Kartesia will leverage operational and financial resources, distribution network and scale of CANDRIAM and NYLIA to enter a new development phase.
The company will retain its current management and investment autonomy.
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By GlobalDataThe partnership with Kartesia will enable Candriam to add European private credit to its multi-specialist proposition, while complementing NYLIA’s US private credit capabilities in the US, noted the companies.
Candriam CEO and New York Life Investment Management chairman Naïm Abou-Jaoudé said: “Kartesia has built an impressive track record across Europe’s lower mid-market over the last decade and has core values that are highly aligned with those of CANDRIAM and our affiliate, New York Life Investments Alternatives.
“Under this partnership, I am confident that the combination of our strengths will benefit our clients, as we navigate the dynamics of the current global market environment.”
Kartesia Management managing partners Jaime Prieto and Damien Scaillierez added: “We are enthusiastic to create a partnership that will strengthen the Kartesia platform and bring further growth opportunities to our team and our clients.
“Candriam’s distinction in ESG investing and strong European distribution platform combined with New York Life Investments Alternatives’ reputation in the US and Asia as a focused player in the middle market make this an ideal partnership for us as we continue to strategically grow and evolve our business.”
In July this year, Rothschild & Co Asset Management Europe agreed to transfer its €350m alternative multi-asset management unit to Candriam.
In April, ABN Amro IS, the investment solution platform of ABN Amro Private Banking, handed over its direct investment management unit to Candriam.
