Alternative credit firm CIFC Asset Management is acquiring LBC Credit Partners, a middle-market direct lending manager with $3 billion in assets under management, a CIFC spokeswoman said in an email.
Terms of the deal, which is expected to close by the end of 2021, are not being disclosed.
CIFC has $35 billion in assets under management and invests in collateralized loan obligations as well as corporate, structured and opportunistc credit.
LBC's team and investment funds will become part of CIFC's business as a subsidiary, which will retain the name LBC. Its investment strategy, senior management, origination, underwriting and other processes will remain unchanged. LBC will also retain its offices in near Philadelphia as well as Chicago, New York, Cleveland, Atlanta, and Los Angeles.
"Direct lending is highly complementary to our existing lines of business, and LBC has distinguished itself at the forefront of the asset class," said Steve Vaccaro, CIFC's CEO and CIO of CIFC, in a news release.