First Sentier Investors will acquire a 75% stake in London-based credit boutique AlbaCore Capital Group, spokespeople for both asset managers confirmed on Monday.
Terms of the transaction, which is expected to close by the third quarter of 2023, were not disclosed.
The transaction structure envisages that “AlbaCore team members will (perpetually) hold a significant minority interest in the business”, and since the company’s launch in 2016, has provided private credit, loans and secured loans. AUM grew to $9.5 billion, with a focus on Debt, dislocation funds and structured products, according to an AlbaCore spokesperson.
In a news release, Mark Steinberg, CEO of Sydney-based FSI, which reported AUM of $146.2 billion as of December 31, 2022, said the strategic partnership with AlbaCore will allow FSI’s investment products to He said it would further FSI’s strategy of accelerating growth by diversifying. global footprint.
“We recognize that alternative credit is a strategically important area to consider, and AlbaCore’s unique position in the European market, its growth trajectory and strong investment track record complement our existing capabilities,” said Steinberg. I felt it would be complementary,” he said.
A spokesman for FSI said the company, which is owned by Tokyo-based Mitsubishi UFJ Trust and Banking Corporation, does not currently offer private credit, structured credit or CLO.
A spokesperson for AlbaCore said the company’s capabilities in the European private and public debt markets fit well with FSI’s existing expertise in the private markets. And while European investors currently dominate the client base, the strategic partnership with FSI will put AlbaCore in a better position to pursue opportunities across Asia Pacific and North America. prize.
AlbaCore will continue to operate while maintaining investment and business autonomy without making any changes to its team, office locations or brand, FSI said in a news release.