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Alternative Market Briefing

Spouting Rock takes majority stake in alternative credit manager Old Hill Partners

Monday, January 10, 2022

Laxman Pai, Opalesque Asia:

Spouting Rock Asset Management, a multi-boutique manager platform providing investment solutions and services, has bought a majority stake in Old Hill Partners, a Connecticut alternative asset manager focused on asset-based lending transactions with small and midsize businesses.

The financial terms of the deal were not disclosed, though Old Hill has $230 million in assets under management and six employees who will operate as a subsidiary of Spouting Rock, which has $3 billion in AUM and roughly 30 employees.

Spouting Rock formed a new subsidiary, Spouting Rock Alternative Credit, which will "house the Old Hill asset-based lending business and serve as the investment adviser to Old Hill's existing funds and other investment vehicles," Spouting Rock said in a press release.

The new subsidiary will be operated by former Old Hill employees, Jeff Haas and Peter Faigl as president and chief investment officer, respectively. This acquisition will allow Spouting Rock to expand its platform of solutions and help complement clients' existing portfolio needs.

Spouting Rock Alternative Credit "will seek to identify opportunities for risk-adjusted returns in private debt well over those available to traditional credit investors," according to the release.

Currently, Old Hill's asset-based lending transactions target borrowers seeking $10-50 million in financing and typically carry floating rate coupons and interest rate floors to p......................

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