As Investcorp’s assets reach $50 billion, the alternative investment shop has announced plans to buy Marble Point Credit Management, a New York City-based CLO manager.
Terms of the transaction were not disclosed. Upon closing of the transaction, Marble Point will be combined with Investcorp Credit Management, which is a global credit platform with $14.2 billion in assets under management and an 18-year history of investing across credit markets worldwide. Combined the platform will manage $22 billion in assets and rank among the top 15 CLO managers globally by AUM, officials announced.
“The proposed acquisition of Marble Point is a significant milestone in Investcorp’s 40-year journey of growth through diversification, geographic expansion and building scale,” said Mohammed Alardhi, executive chairman of Investcorp, in a statement.
The $7.8 billion Marble Point is a specialist asset manager focused exclusively on managing CLOs and portfolios of broadly syndicated leveraged loans and is an affiliate of Eagle Point Credit Management. Marble Point CEO/CIO Thomas Shandell, a credit market veteran with nearly four decades under his belt will remain and will lead the combined US CLO and broadly syndicated loans business for Investcorp.
“We are excited to be joining Investcorp,” said Shandell. “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.”
Marble Point’s Corey Geis will serve as director of capital markets, head trader and portfolio manager at Investcorp. “Our combined platforms represent a formidable player in the credit markets, significantly enhancing our profile in the eyes of capital markets participants,” he added in a statement.
Officials said that the deal is expected to close in the first quarter of 2023.