Man Group, an alternative investment management firm, announces it has entered into an agreement to acquire Bardin Hill, a US private credit manager with approximately $3.0 billion in assets under management.
Based in New York City, Bardin Hill is an “opportunistic and performing credit manager.”
Its opportunistic credit platform focuses “on US distressed and special situations investments and US non-sponsor backed direct lending, while its performing credit platform focuses on broadly syndicated loan CLOs.”
Led by a management team with an average industry tenure of 22 years, Bardin Hill has expertise in “managing credit strategies and a sophisticated global client base including pension funds, endowments, foundations, insurance companies and consultants.”
Jason Dillow, CEO of Bardin Hill, will continue to lead the Bardin Hill business with the support of its partners, “including its executive committee members, Philip Raciti and Jacob Fishelis.”
Bardin Hill’s investment committee, investment team, and investment processes will “remain in place, and Man Group’s global distribution capabilities will enhance the firm’s access to new investors.”
The acquisition bolsters Man Group’s credit platform – which “comprises nearly $40 billion of assets under management, over 10 specialist investment teams and 100+ credit professionals – by adding opportunistic and performing credit strategies designed to provide consistent risk-adjusted returns.”
Bardin Hill’s investment capabilities will “complement Man Group’s existing private credit offering, which includes direct lending, credit risk sharing and residential real estate lending strategies.”
The acquisition also further “expands Man Group’s footprint in the US, aligned with the firm’s strategic priority to grow its presence in North America. ”
Steven Desmyter, President at Man Group, said:
“This acquisition adds important new capabilities to our growing credit platform, further expanding and diversifying our offering to clients in line with the strategy we unveiled last year.”
Jason Dillow, CEO of Bardin Hill, said:
“As volatility and dislocation within credit markets persist, we believe a tremendous opportunity exists to leverage our combined strengths to deploy capital and deliver compelling returns for clients.”
The financial terms of the transaction are “not disclosed.”
Goldman Sachs is acting as lead financial adviser and Willkie Farr & Gallagher is acting as legal adviser to Man Group and/or its US affiliates.
Houlihan Lokey is acting as lead financial adviser and HSF Kramer and Schulte Roth & Zabel are acting as legal advisers to Bardin Hill.
