MetLife Investment Management entered into a definitive agreement to acquire private credit firm Raven Capital Management.
Dave Franecki, a spokesman for MIM — the institutional asset management arm of MetLife — confirmed by email that this will mark MIM's first acquisition of a private credit firm.
MIM already has some private credit capabilities "focused on investment grade," the spokesman said. Raven "originates and invests in higher yielding credit and focuses on the middle market," he added.
Terms of the transaction were not disclosed.
Mr. Franecki added that the deal is expected to close in the first quarter of 2023, contingent upon customary closing conditions.
Based in New York and Santa Monica, Calif., Raven had $2.1 billion in assets under management as of Dec. 31, a Tuesday news release said.
Privately owned Raven invests across the private credit spectrum, with a specialization in primary origination, underwriting, execution and management of middle market direct asset-based investments, the release noted.
Raven also manages a range of specialty assets such as music and media, among others, the release indicated.
"The addition of Raven Capital Management will broaden and further distinguish our offerings in higher yielding private credit and alternative investments," stated Steven J. Goulart, president of MIM and executive vice president and chief investment officer for MetLife, in the release.
MIM had $571.2 billion in total assets under management as of Sept. 30.