Natixis sells MV Credit to US-based Clearlake
Private equity firm Clearlake Capital Group has agreed to acquire MV Credit from Natixis Investment Managers, adding $5.1bn (£3.8bn) in assets under management (AUM) to the firm.
The deal for the pan-European private credit specialist is expects to close in the fourth quarter of 2024.
MV Credit was founded in 2000 and is headquartered in London. It was acquired by Natixis in 2018. It provides investments across senior direct lending, subordinated direct lending, hybrid and collateralised loan obligations. The firm has deployed more than $11bn since inception working with sponsors like EQT, Cinven and Bain Capital.
The acquisition will take Clearlake’s credit AUM up to $28bn, and its overall assets to $90bn. The firm will also have a team of more than 230 individuals.
Since 2006 Clearlake has deployed more than $40bn in debt and preferred equity investments. It is acquiring MV Credit to broaden its global direct lending capabilities.
“With this acquisition, Clearlake’s credit business will attain significant scale, with credit AUM growing from ~$6bn in 2020 to over $28bn today,” said Behdad Eghbali, co-founder and managing partner at Clearlake. “We have been very deliberate in how we’ve built our credit business, and the addition of MV Credit, with highly complementary direct lending capabilities, provides us with new opportunities for strategic growth.”
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Frédéric Nadal, chief executive of MV Credit, added: “The demand for private credit keeps growing, and the partnership with Clearlake allows us to further address client needs around the world. Our firms share a culture of teamwork, integrity and commitment to excellence. We look forward to being part of the Clearlake family.”
Private credit has become increasingly popular over the last few years, with many asset managers growing their capabilities through acquisitions. Most recently Janus Henderson, a traditional asset manager, announced its acquisition of global private credit manager Victory Park Capital, which has assets under management of $6bn.
Back in July, Seviora Group, an asset manager owned by Singapore’s Temasek, acquired a stake in credit manager ADM Capital. And Blue Owl Capital bought Atalaya Capital Management for $450m.
Read more: TPG’s Angelo Gordon acquisition helps boost credit AUM by 10pc in Q2
Read more: Sienna IM expands private credit business with Ver Capital acquisition
