|
Laxman Pai, Opalesque Asia: US-based investment manager Nuveen is buying Arcmont Asset Management, one of the largest private lenders in Europe to grow its presence in unlisted markets.
Nuveen, which is the investment manager for US teachers pension fund TIAA, said in a press release that the deal expands Chicago-based Nuveen's global reach by adding Arcmont's $21 billion of loans in Europe to the firm's North American direct lending unit, Churchill Asset Management.
Terms of the transaction, including the size of the stake Nuveen, will take and the price it will pay, are not being disclosed. However, FT and WSJ reported that the purchase cost is more than $1 billion.
The new Nuveen Private Capital will control more than $60bn in combined committed capital, bringing Nuveen's alternative credit AUM to $178bn, and together serve about 600 institutional and family office investors.
"Coming together to form Nuveen Private Capital, a new entity, Arcmont and Churchill will work together in partnership, giving both firms geographic scale and the ability to offer a broader range of products and financing options to corporate borrowers," the release said.
Both firms will continue to be managed by their own respective leadership teams, but will benefit from the considerable resources, expertise, and distribution capabilities of Nuveen, it added. With more than 240 investment and support professionals, Arcmont and Churchill serve a combined investor base of approxi...................... To view our full article Click here
|
RSS
