Alternative investment firm Investcorp has agreed to acquire Marble Point Credit Management.
Terms of the transaction were not disclosed, according to a Friday news release.
Marble Point focuses on collateralized loan obligations and portfolios of broadly syndicated leveraged loans, with $7.8 billion in assets under management.
Upon closing of the transaction — which is expected in the first quarter of 2023 — Marble Point will be combined with Investcorp Credit Management, a global credit platform with $14.2 billion in assets under management. The combined platform will manage $22 billion in assets and rank among the top 15 CLO managers globally by AUM, the release noted.
Mohammed Alardhi, executive chairman of Investcorp, said in the release that upon completion of the transaction, Investcorp will have $50 billion in total assets under management.
Thomas Shandell, CEO and chief investment officer of Marble Point, will lead the combined U.S. CLO and broadly syndicated loans business for Investcorp.
A spokeswoman for Investcorp said by email that Mr. Shandell's title will be head of Investcorp Credit Management U.S.
Corey Geis, currently director of capital markets and head trader at Marble Point, will serve as director of capital markets, lead trader and portfolio manager at Investcorp.
Marble Point is an affiliate of Eagle Point Credit Management, a Greenwich, Conn.-based specialist investment manager focused on investing in CLO securities, portfolio debt securities and other credit investments. As of Sept. 30, Eagle Point managed over $7.3 billion of assets separate from Marble Point.