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Bailey McCann, Opalesque New York:

Bahrain-based Investcorp will buy the debt management business of 3iDM, from UK-based 3i Group PLC for approximately $227 million. The deal will add $12 billion in AUM to Investcorp, bringing the firm's total AUM to approximately $23 billion.

The acquisition is a strategic move for Investcorp, which last year announced that it was targeting growing assets under management to $25 billion in the medium term, and will add to Investcorp’s existing menu of product offerings across private equity, real estate, and alternative investment solutions (formerly hedge funds). The transaction is subject to various regulatory approvals and is expected to close in the first half of 2017.

3iDM is a global credit investment company managing funds which invest primarily in senior secured corporate debt issued by mid and large-cap corporates in Western Europe and the US. The existing management team of 3iDM will remain intact, with Jeremy Ghose continuing as CEO of the overall business and John Fraser continuing to oversee the US operations.

The transaction is the largest ever strategic acquisition made by Investcorp, and will be fully funded through the Firm’s existing balance sheet.

The 3iDM deal is the latest in several opportunistic acquisitions to grow Investcorp. Other deals include the acquisition of Hedge Fund of Funds arm of SSARIS Advisors, a US investment manager of absolute return hedge fund strategies and hedge fund of f......................

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