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Money Management

New CEO, new name, new stakeholders for Halcyon Capital

Credit manager Halcyon Capital Management is getting a new CEO and more capital — and it's coming with a name change to Bardin Hill Investment Partners.

Jason Dillow was named chief executive officer, replacing John M. Bader, chairman and CEO, who retired.

Mr. Dillow will retain his role as chief investment officer and lead the newly renamed firm with a fresh infusion of capital from TPG Sixth Street Partners, which took a passive ownership stake, confirmed Bardin Hill spokesman Edward Rowley.

Dyal Capital Partners, which initially acquired a passive minority stake in Halcyon in 2012, also invested additional capital in Bardin Hill.

As part of transaction, certain managing principals of the firm will "continue to own a substantial majority of the firm's equity," a Bardin Hill news release said. Family members of Bardin Hill principals and the family foundation of Alan Slifka, Halcyon's late founder, also acquired equity stakes in the firm.

Mr. Dillow in an interview said the combined passive equity stakes held by the two outside partners is less than 25%.

"Our strategic partnership with these two best-in-class firms will help us to continue to focus on our core competencies as well as to innovate which will serve our clients well for years to come," Mr. Dillow said in Bardin Hill's release. "We are grateful for John (Bader's) 28 years of dedicated stewardship."

Halcyon/Bardin Hill managed $10 billion in credit-oriented hedge funds and structured credit strategies as of June 30, according to data provided by the firm to Pensions & Investments.