Man Group has agreed to acquire US private credit manager Bardin Hill, as it continues to grow its presence in North America.
New York-based Bardin Hill has around $3bn (£2.2bn) in assets under management (AUM), across distressed and special situations investments and non-sponsor backed direct lending in the US, as well as broadly syndicated loan CLOs.
Man Group’s overall credit platform currently comprises nearly $40bn of AUM. Its existing private credit offering includes direct lending, credit risk sharing and residential real estate lending strategies.
It said the Bardin Hill acquisition bolsters its investment capabilities with the addition of opportunistic and performing credit strategies.
The financial terms of the deal were not disclosed.
Man Group, a London-headquartered alternative asset manager with $172.6bn of AUM globally, has been expanding its foothold in the US credit market in recent years via acquisitions. It bought US specialist middle-market direct lender Varagon in 2023 for $183m.
It first emerged in May that the FTSE 250-listed firm was in talks with Bardin Hill about a possible acquisition.
Jason Dillow, chief executive of Bardin Hill, will continue to lead the Bardin Hill business with the support of its nine partners, including its executive committee members, Philip Raciti and Jacob Fishelis.
Bardin Hill’s investment committee, investment team, and investment processes will remain in place, while Man Group’s global distribution network will be used to boost the firm’s access to new investors.
Read more: Man Group says “underrepresented” European credit deserves greater attention
“This acquisition adds important new capabilities to our growing credit platform, further expanding and diversifying our offering to clients in line with the strategy we unveiled last year,” said Steven Desmyter, president of Man Group.
“Following our acquisition of Varagon in 2023, we are delighted to be able to offer clients another high quality, specialised team with excellent credentials, a rigorous and selective investment process, and experience through different market cycles. We see real potential for growth in both opportunistic and performing credit and we look forward to working with Jason and the team to capitalise on that.”
Bardin Hill’s Dillow added: “We are all excited to join Man Group as part of its fast-growing US private credit platform. Man Group’s extensive distribution network, sophisticated institutional platform and cutting-edge technology will help us strengthen our opportunistic and performing credit strategies for existing Bardin Hill investors, while offering new investors access to Bardin Hill products.
Read more: Man Group makes new private credit hire
“As volatility and dislocation within credit markets persist, we believe a tremendous opportunity exists to leverage our combined strengths to deploy capital and deliver compelling returns for clients.”
Goldman Sachs is acting as lead financial adviser and Willkie Farr & Gallagher is acting as legal adviser to Man Group. Houlihan Lokey is acting as lead financial adviser and HSF Kramer and Schulte Roth & Zabel are acting as legal advisers to Bardin Hill.
