Investcorp completes purchase of 3i's debt management arm

Update (3 March 2017):
The transaction was completed on 3 March 2017. 3i stated the deal generated total cash proceeds of £270m, of which £34m relates to the repayment of loans provided to 3i Debt Management to fund two CLO warehouses, and an exceptional profit on disposal of £47m.

Original story (25 October 2016):
The deal will see Investcorp increase its assets under management by $12bn, bringing the size of its total portfolio to around $23bn. It will be funded entirely from the firm's existing balance sheet.

3iDM, which primarily invests in senior secured corporate debt across Europe and the US, has a headcount of 50 and operations in London, New York and Singapore.

Following the deal, 3iDM's existing management team, led by CEO Jeremy Ghose, will remain in their roles.

Investcorp announced its intention to diversify in November 2015, the same month in which it acquired the hedge-fund-of-funds division of former US-based firm SSARIS Advisors.

The acquisition is expected to close in the first half of 2017.

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• Topics
• Financing
• Investcorp
• 3i
• Senior debt