Global alternative investment firm Investcorp is to acquire Marble Point Credit Management, a leading US-based CLO manager, in a deal that will boost its expanding credit investment platform and take the group’s overall assets under management to USD50 billion.
With USD7.8 billion of AUM, Marble Point focuses exclusively on managing CLOs and portfolios of broadly syndicated leveraged loans. The firm is led by CEO and CIO Thomas Shandell, a 38-year veteran of the credit markets who was a founding partner of GoldenTree Asset Management, and director of capital markets and head trader Corey Geis, with 27 years of experience who was formerly head of trading at GoldenTree.
Founded seven years ago, the firm is an affiliate of Eagle Point Eagle Credit Management – a Greenwich, Connecticut-based investment manager specialising in CLO securities, portfolio debt securities and other credit investments for institutional and retail clients.
Marble Point will be combined with Investcorp Credit Management, a global credit platform with USD14.2 billion in assets under management and an 18-year history of investing across credit markets worldwide. The combined credit platform will manage USD22 billion in assets and rank among the top 15 CLO managers globally by AUM.
“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,” says Mohammed Alardhi, executive chairman of Investcorp.
“With USD50 billion in total firm assets under management after completion of this acquisition, Investcorp is well poised for the next phase of its evolution and development.”
Founded in Bahrain in 1982, Investcorp has developed into a diversified global investment manager with 13 offices across the US, Europe, GCC and Asia and assets under management of USD43 billion – specialising in alternative investments across private equity, real estate, credit, absolute return strategies, GP stakes, infrastructure, and insurance asset management.
“This is an exciting moment for us,” said Rishi Kapoor, co-chief executive officer of Investcorp, who has oversight of the credit management business. “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.”
Shandell, who will lead the combined US CLO and broadly syndicated loans business for Investcorp, commented: “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.”
Geis, who will be director of capital markets, head trader, and portfolio manager within the combined Investcorp business, said: “Our combined platforms represent a formidable player in the credit markets, significantly enhancing our profile in the eyes of capital markets participants.”
Investcorp is the latest in a growing list of major investment firms to focus on private credit as a growth engine, scaling up credit management businesses rapidly on the back of strong demand from both investors and issuers for alternative debt.
Jeremy Ghose, global head of Investcorp Credit Management, said: “This acquisition will result in a USD22 billion total AUM credit management business with meaningful scale across both US and Europe, and we look forward to further growing the business.”