Oaktree Capital Management acquired a majority stake in London-based private credit firm 17Capital.
Terms of the deal and the amount of the majority stake were not disclosed in a joint news release from the firms Wednesday.
The acquisition creates a strategic partnership between the firms that will give 17Capital access to Oaktree Capital's global network. Armen Panossian, managing director and head of performance credit at Oaktree Capital, said in the news release the partnership comes at an "exciting time for our growing private credit business."
"17Capital's emphasis on risk control is completely aligned with Oaktree's investment philosophy," Mr. Panossian said. "We expect our complementary business models and corresponding expertise to fuel future growth at both firms."
17Capital will continue to operate as an independent business and its day-to-day operations and management will not change, the news release said.
As of Dec. 31, Oaktree Capital Management had $166 billion in assets under management. An Oaktree spokeswoman declined to comment.
