3i debt arm increases AUM by €2bn
3i Debt Management (3iDM) has added €2bn to its assets under management with the purchase of seven collateralised loan obligation (CLO) management contracts from investment manager Invesco.
The acquisition increases total assets managed by 3iDM to €6bn. The seven CLOs acquired are mainly invested in sub-investment grade debt issued by European companies.
Key Capital advised 3iDM on M&A, Clifford Chance provided legal advice and KPMG provided financial and tax advisory services. StormHarbour Securites advised Invesco on M&A issues, while Cadwalader, Wickersham & Taft provided legal services.
3iDM currently aims to grow its business in Europe and North America. The company has a 30-strong team based in London, managing 17 funds across CLOs, private equity funds-of-funds and mezzanine.
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