Rapid CLO M&A activity on the horizon as fee deferrals pick up
A flurry of M&A deals could soon sweep the CLO market as management fee deferrals become an increasing pressure point for small CLO managers

Garrison exits CLO management after selling contracts to credit manager
Garrison Investment Group is exiting the broadly syndicated loan-backed CLO management business after selling three management contracts to Anchorage

Goldman Sachs in talks to buy minority stake in Permira
Goldman Sachs is looking to buy a minority stake in private equity firm Permira

PE firms look to go it alone as credit units reach maturity
Private equity firms are starting to weigh up the merits of housing private debt businesses, with TPG Capital the latest to contemplate splitting with its credit business TPG Sixth Street. It follows EQT Capital, which announced a strategic review in January centred on parting ways with its credit unit.

Apollo ups stake in Athene to 35% through stock deal
Apollo Global Management is doubling its stake in Athene Holding to around 35% by exchanging $1.2 billion of common equity and buying $350 million extra of Athene stock

Pretium buys Latigo to boost distressed capabilities
Pretium Partners has bought the investment management business of New York-based Latigo Partners, in a bid to expand the firm’s distressed debt and event-driven credit capabilities. Terms of the transaction were not disclosed

Mid-market lender Comvest sells minority stake to Affiliated Managers

Comvest Partners has sold a minority equity stake to Affiliated Managers Group. Terms of the transactions were not disclosed.  

ArrowMark completes purchase of StoneCastle's asset manager
ArrowMark Partners has completed the acquisition of financial debt specialist StoneCastle Asset Management

Past returns: Would-be CLO buyers turn sellers
Five years ago in Creditflux, we reported that the new generation of US 2.0 CLO managers were striving to grow their CLO AUM through manager acquisitions; namely, Benefit Street Partners and Triumph Capital Advisors, the pair having issued their debut CLOs in 2012 and 2014, respectively.

Ares buys seven CLOs from Crestline Denali
Ares Management has bought management contracts for seven Crestline Denali CLOs

TPG in talks to split from credit arm TSSP - media reports
Private equity firm TPG is in talks to split with its credit arm TPG Sixth Street Partners, according to media reports, with TPG considering looking to launch and build out its own internal credit platform

Nuveen merges junior capital arm with Churchill to create $21 billion private markets platform
Nuveen, the asset management arm of TIAA, has combined its junior capital group with its mid-market private credit subsidiary Churchill Asset Management, in a move that will create a $21 billion private markets group

US insurer Aflac purchases minority stake in direct lender Varagon
Varagon Capital Partners has sold a non-controlling, minority stake of the firm to Aflac Global Investments, the asset management division of US insurance company Aflac Incorporated

Goldman Sachs AM merges public and private BDC
Goldman Sachs Asset Management has merged two of its business development companies: Goldman Sachs BDC, a $1.54 billion publicly traded BDC, and private BDC Goldman Sachs Middle Market Lending Corporation, which has $1.7 billion assets

First Eagle buys US CLO manager THL Credit
Two years after establishing its credit business with the acquisition of NewStar Financial, First Eagle Investment Management is aiming big again after striking a deal to buy THL Credit Advisors

Azimut hires ex-Dyal official as it aims to buy minority equity in asset managers
Azimut will initially focus on acquiring minority stakes in alternative asset managers with under $3 billion AUM – including private credit, private equity, infrastructure and real estate firms

Dyal buys 20% stake in direct lender Owl Rock
Neuberger Berman’s Dyal Capital Partners has acquired a 20% stake in direct lender Owl Rock Capital, adding to the roster of private credit specialists Dyal has in its portfolio

US direct lender Capitala sells minority stake to Mitsui
Mitsui USA has bought a minority stake in the direct lender, which provides financing to lower middle market companies

Medley BDC finds no "superior proposal" to merger plans after go-shop process
Medley Capital Corporation (MCC) has not found a “superior proposal” for its plans to merge with another Medley-managed business development company and instead recommends that shareholders vote for its amended agreement.

CarVal’s independence backed by five-year Cargill loan
CarVal Investors’ management buy-out from parent company Cargill will be financed with a five-year term loan from Cargill alongside equity contributions by management, documents seen by Creditflux reveal.

EQT looks to raise €500 million via IPO
The initial public offering is anticipated to increase EQT's flexbility to “pursue growth opportunities” and expand its private market investing business

Crescent BDC buys Alcentra BDC in $141.9 million transaction
As part of the deal, the combined business development company will go public and charge lower management fees

Assured Guaranty to buy BlueMountain for $160 million
Assured Guaranty has agreed to buy BlueMountain Capital Management, as well as its associated entities, for $160 million

BDC consolidation continues with Oak Hill and BC Partners-affiliate merger
The consolidation of US business development companies continues... this time, with the merger of OHA Investment Corporation and Portman Ridge Finance Corporation

Investcorp enters into mid-market lending with CM Investment acquisition
Investcorp Credit Management announced today that it has bought CM Investment Partners from Cyrus Capital and Stifel Venture