(Bloomberg) -- Private markets investor Clearlake Capital Group LP has agreed to buy European-focused investment shop MV Credit Partners LLP from Natixis Investment Managers LP, according to a statement.
MV Credit’s $5.1 billion of assets under management will increase Clearlake’s assets to more than $90 billion, the companies said in a statement Tuesday. Terms weren’t disclosed.
London-based MV Credit invests in senior and subordinated debt across Europe, targeting non-cyclical businesses, according to its website. It brings both a direct lending and a collateralized loan obligation business to Clearlake, which is based in Santa Monica, California.
The deal was first reported by The Financial Times.
Private equity firms and asset managers increasingly have been pushing into the burgeoning $1.7 trillion private credit market this year. Tie-ups include a partnership of Oak Hill Advisors and One Investment Management, a venture between Barclays Plc and AGL Credit Management and an investment by Nomura Holdings Inc. in fledgling private lending firm Corinthia Global Management.
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