Sector developments and company hires

First Eagle Investments has announced its agreement to acquire leading alternative credit manager, Napier Park Global. The deal is expected to close within the next few months, and will see Napier Park retain its investment and operating autonomy. At the close of 2021, First Eagle had a reported US$110.5bn in assets under management, with this acquisition set to increase further the investment firm’s capabilities across the credit market, and improve its exposure to both US and European credit. On top of acquiring Napier Park’s US$18.7bn in assets under management, First Eagle will also increase the scope of its CLO business by expanding into European CLO management. Napier Park will continue to be led by respective ceo and cio, Jim O’brien and Jon Dorfman, with other key members of the team also continuing on.

In other news.....

EMEA

Marno Jooste has been promoted to head of structured credit, within the private debt origination team at Pension Insurance Corporation. Based in London, he was previously senior debt origination manager at the organisation, which he joined in June 2017. Before that, he worked at TradeRisks, Credit Suisse and KPMG.

North America

Post Advisory Group has completed the capital raise for the Post CLO Equity Master Fund, after receiving great interest and oversubscription. The fund was able to surpass its original US$120m target and raised US$146m from investors. The fund will be used to invest capital in the equity of several Post-managed CLO transactions, as the firm works to expand its suite of high yield and senior loan products. The fund was committed to by the firm and its employees, corporate pension funds, family offices, and individuals, with Mercer’s private debt business operating as an anchor investor and strategic partner in the completion of the fund.