London-based asset manager Man Group PLC announced Wednesday it has agreed to acquire New York-based credit manager Bardin Hill Investment Partners L.P. for an undisclosed amount, as the acquiring firm continues to expand its footprint in North America.
Bardin Hill, with $3 billon in assets under management, manages U.S. distressed, special situations and U.S. non-sponsor direct lending strategies under its opportunistic credit platform and manages collateralized loan obligations under its performing credit platform.
“This acquisition adds important new capabilities to our growing credit platform, further expanding and diversifying our offering to clients,” said Steven Desmyter, Man Group’s president, in a statement. Man Group’s existing credit offerings include direct lending, credit risk sharing and residential real estate lending strategies.
The firm previously acquired private credit firm Varagon Capital Partners in 2023 (then $11.8 billion AUM) and acquired a majority stake in impact investor Asteria Investment Managers the same year.
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Jason Dillow, Bardin Hill’s CEO, will continue to oversee the firm.
“As volatility and dislocation within credit markets persist, we believe a tremendous opportunity exists to leverage our combined strengths to deploy capital and deliver compelling returns for clients,” Dillow said in a statement.
Asset managers are increasingly acquiring private credit managers to expand their offerings in the popular asset class. Earlier this month, BlackRock finalized its $12 billion acquisition of HPS Investment Partners ($157 billion AUM). In June, Franklin Templeton announced it intends to acquire European credit manager Apera.
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Tags: Man Group, Private Credit
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