Clearlake Capital Group agreed to acquire pan-European private credit specialist MV Credit from Natixis Investment Managers, in a deal that brings Clearlake’s credit business assets to more than $28 billion.
The deal is set to close in the fourth quarter. Financial terms were not disclosed, a spokesperson said.
London-headquartered MV Credit has more than $5.1 billion in assets under management across senior direct lending, subordinated direct lending, hybrid and collateralized loan obligation strategies. The firm has deployed more than $11 billion since inception in 2000.
Upon closing of the deal, Santa Monica, Calif.-based Clearlake’s total AUM will grow to more than $90 billion across private equity, credit and other related strategies. It will have more than 230 staff across Santa Monica, Dallas, Dublin, London, Singapore, Abu Dhabi, Paris and Luxembourg.
“Credit has been in Clearlake’s DNA since our inception and is core to our firm strategy. MV Credit’s exceptional track record and deep expertise in private credit align perfectly with our existing credit business and strengthen our continuing presence in Europe,” said José E. Feliciano, co-founder and managing partner at Clearlake, in the release. “Clearlake has deployed over $40 billion in debt and preferred equity investments since 2006, and with MV Credit’s expertise we will broaden our global direct lending capabilities to better serve sponsors and other clients while expanding product offerings for our investors.”
The deal provides “complementary direct lending capabilities (and) provides us with new opportunities for strategic growth,” Behdad Eghbali, co-founder and managing partner at Clearlake, added in the same release.
A spokesperson for Clearlake could not immediately be reached for comment.
Natixis Investment Managers acquired MV Credit in 2018. At the time, the multiaffiliate firm — with more than $1.3 trillion in total AUM — said the acquisition met investors’ need for diversification and demand in alternative investment solutions. The manager "remains committed to further growing and developing our private asset offering," a statement provided by a spokesperson said. To achieve that, Natixis IM "will be adding more specialized distribution resources, increasing our seed capital and co-investment capabilities, and looking for partnerships with strategic investors."
