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Bailey McCann, Opalesque New York:

Acquisitions of alternative credit managers reached a near record pace in 2024, according to a new report from Gapstow Capital.

In 2024 there were 33 acquisitions of alternative credit managers involving $260 billion in acquired assets under management, compared to $285 million in deal volume in 2023 - Gapstow data shows.

Blackrock's acquisition of HPS in December was the largest acquisition. HPS has approximately $130 billion in AUM - almost half of the total acquired assets under management for the year.

Gapstow says interest in credit managers continue to grow - especially those that have differentiated strategies. According to the report, it's not just that acquisitions remain elevated but also that investor interest in minority stakes is on the rise.

In 2024, there were twelve minority stakes transactions accounting for $48 billion in acquired AUM. That figure is significantly higher than 2023's four total minority transactions amounting to $3 billion in acquired AUM. Notable deals in this space included - Petershill's investment in Kennedy Lewis Investment Management, a multi-strategy credit manager, who had a previous minority owner in Azimuth. Dai-ichi Life Holdings also made a 20% investment in Canyon Partners, the 35-year-old manager historically focused on distressed credit investing.

Gapstow's data shows that direct lending firms were most in demand in 2024, both in terms of number and ......................

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