Investcorp completes purchase of 3i’s debt management arm for £222m
Investcorp, a global provider and manager of alternative investment products, have announced the completion of its acquisition and integration of the debt management business of 3i (“3iDM”) from 3i Group plc. The business, now recognized as Investcorp Credit Management (“ICM”), adds $11 billion of assets under management, bringing the total to approximately $21.4 billion.
Investcorp Credit Management is a leading global credit investment platform, managing funds which invest primarily in senior secured corporate debt issued by mid and large-cap corporates in Western Europe and the US. The business has a strong track record of consistent performance and growth, employing approximately 50 people in London, New York and Singapore.
Commenting on the announcement, Mohammed Alardhi, Executive Chairman of Investcorp, said, “The acquisition is a strategic move for Investcorp. Last year we announced our ambitious strategy to grow assets under management to $25 billion in the medium term. We are firmly on track to achieve our goal as we continue to extend Investcorp’s existing product offerings across private equity, real estate, and alternative investment solutions (formerly hedge funds). The integration of ICM is a natural fit with our global vision of providing our clients with a diversified range of alternative investment opportunities across different geographies. The next chapter of our corporate narrative starts today, with an even more substantial market stronghold and enhanced competitive edge”.
Jeremy Ghose, who will continue to Head the Investcorp Credit Management business, said, “Investcorp has a long, impressive history and track record of delivering the right products to its strong client base. We are excited about our future as Investcorp Credit Management and the opportunities that exist for our investors and colleagues as part of a well-established, diverse global alternative investment manager.”
John Fraser, Head of Investcorp Credit Management US, added, “We are delighted to have now formally joined Investcorp and integrated our team in to the wider Investcorp business. This is an important milestone for us all. I have full confidence that the combination of Investcorp’s reputation and resources and our experience, expertise and track record will allow us together to build on our past success. We look forward to expanding our platform and product offering with such a well-regarded firm.”
3i Debt Management is a leading global credit management business. We manage funds which invest primarily in senior secured corporate debt issued by mid and large-cap corporates in the UK, Europe and the US. Assets under management as of 30 September 2015 were circa $11.5 billion.
Source: Investcorp Press Release