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Laxman Pai, Opalesque Asia: Private equity firm Clearlake Capital Group has acquired a majority stake in credit manager WhiteStar Asset Management, that specializes in collateralized loan obligations (CLO).
California-based Clearlake acquired the stake from Pine Brook Capital Partners in partnership with WhiteStar's management team, led by Chief Executive Officer Gibran Mahmud.
Terms of the deal, its closing date, and the prior ownership structure of WhiteStar are not being disclosed.
The combined firm's assets under management (AUM) now total about $24 billion after adding the roughly $6 billion overseen by Dallas-based WhiteStar.
"WhiteStar is a leading investor in the syndicated bank loan space, with a focus on CLOs. Over the last three years, WhiteStar increased AUM from $1.5 billion to approximately $6.0 billion and completed seven new CLOs under the "Trinitas" name, marking twelve CLOs since the inception of the platform," said a press release.
"Clearlake has always had a flexible investment mandate, and this fits perfectly with our strategy. Our team has a long history in credit and WhiteStar's investment philosophy lines up well with ours," said Jose E. Feliciano and Behdad Eghbali, Clearlake's co-founders and managing directors, in the news release.
Mahmud stated, "I would like to thank Pine Brook for their partnership over the past three years; our success to date is a testament to the effort and capabilities of all involved. Our tea...................... To view our full article Click here
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