Opalesque Industry Update - CANDRIAM, and its sister affiliate New York Life Investments Alternatives, announced today a strategic partnership with Kartesia Management SA, a European specialist provider of private capital solutions for small and mid-sized companies, and the related acquisition of a minority stake in the firm. Terms of the transaction, which are subject to certain customary closing conditions, including regulatory approvals, were not disclosed. The transaction is anticipated to close by year end.
Kartesia is a leading European private markets investor with more than EUR 2.8 billion of assets under management and expertise across the full spectrum of the European secondary and primary leveraged loan market including senior debt, mezzanine, minority equity interest and CLO liabilities. Under this partnership, Kartesia will retain its existing management and investment autonomy, while benefiting from the operating and financial resources, distribution network and scale of both CANDRIAM and NYLIA to enter a new phase of development. In Europe, the partnership will add European private credit to CANDRIAM's multi-specialist offerings and in the U.S. complement the strong U.S. private credit capabilities of NYLIA. Naïm Abou-Jaoudé, CEO of CANDRIAM and Chairman of New York Life Investment Management International, commented: "We are excited to partner with Kartesia to add European private credit to our multi-specialist offerings. Kartesia has built an impressive track record across Europe's lower mid-market over the last decade and has core values that are highly aligned with those of CANDRIAM and our affiliate, New York Life Investments Alternatives. Under this partnership, I am confident that the combination of our strengths will benefit our clients, as we navigate the dynamics of the current global market environment." Christopher Taylor, CEO of Madison Capital Funding and Head of New York Life Investments Alternatives, added: "We are thrilled to welcome Kartesia. As one of Europe's leading private credit investors, Kartesia brings extensive experience financing small and middle-market companies that complements our expanding global alternatives capabilities. We look forward to leveraging the partnership with Kartesia as we continue to grow and diversify our businesses to meet the needs of our clients in all market environments, over the years to come." Jaime Prieto and Damien Scaillierez, Managing Partners of Kartesia Management SA, concluded: "We are enthusiastic to create a partnership that will strengthen the Kartesia platform and bring further growth opportunities to our team and our clients. CANDRIAM's distinction in ESG investing and strong European distribution platform combined with New York Life Investments Alternatives' reputation in the US and Asia as a focused player in the middle market make this an ideal partnership for us as we continue to strategically grow and evolve our business." |
Industry Updates
CANDRIAM and New York Life Investments Alternatives take a minority stake in Kartesia Management SA
Thursday, December 10, 2020
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