Bahrain-based alternative investment firm Investcorp is in the process of acquiring US-based collateralized loan obligation (CLO) manager, Marble Point Credit Management. Financial details of the transaction were not disclosed.
The transaction, which is expected to close in the first quarter of 2023, is subject to customary regulatory requirements and closing conditions.
Upon closing, Marble Point will be combined with Investcorp Credit Management, a credit platform with assets under management worth $14.2 billion currently. The combined platform will have an AUM of $22 billion.
The proposed acquisition is expected to take Investcorp’s total AUM to $50 million and is aimed to supplement its growth and scale in the coming years as per Mohammed Alardhi, executive chairman of Investcorp.
Marble Point is a Greenwich, Connecticut based asset manager with $7.8 AUM. It is led by Thomas Shandell, the CEO and CIO, and Corey Geis, the director of capital markets and head trader. Marble Point is an affiliate of Eagle Point Credit Management LLC.
The company also expects a strong push in its growth and profile through the proposed transaction as per Tom Shandell, who will lead the combined American CLO and broadly syndicated loans business for Investcorp.
“This acquisition will result in a $22 billion total AUM credit management business with scale across both US and Europe” added Jeremy Ghose, Global Head of Investcorp Credit Management,
Investcorp is a global investment manager, with $42.7 billion in total AUM, including assets managed by third party managers. It has also recently expressed interest in increasing its investments in India and its India-focused blank-check company, Investcorp India Acquisition Corp, has raised $259 million in a US initial public offering in May.
It began its operations in India in 2019 and is currently raising another India-focused fund, targeting $500 million, more than 2X its last fund which closed at $142 million in 2019.