Consolidation has been on everyone’s lips in 2025, as private credit enters its next stage of maturity.
Public markets managers buying private credit managers, private credit firms merging with peers and tie-ups between insurers and private credit… this year has seen it all.
There have been deals on both sides of the Atlantic, also extending into real estate and infrastructure debt.
US acquisitions
In the US, one of the largest deals of the year was alternative asset manager Rithm Capital’s acquisition of Crestline Management, an alternative investment firm with $17bn (£12.6bn) in assets under management (AUM).
Following the transaction, Rithm said its combined platform would comprise $98bn in investable assets, including $53bn in AUM, offering institutional investors a broad range of strategies across asset classes and return profiles.
Meanwhile, Man Group agreed in July to acquire US private credit manager Bardin Hill. The New York-based firm manages around $3bn in AUM, spanning distressed and special situations investments, non-sponsor-backed direct lending in the US and broadly syndicated loan collateralised loan obligations.
In October, investment firm Brookfield announced it would acquire the remaining 26 per cent stake in Oaktree Capital Management for approximately $3bn. The deal, which expands Brookfield’s private credit business, is expected to close in the first quarter of 2026.
European acquisitions
In Europe, Franklin Templeton agreed over the summer to acquire a majority stake in Apera Asset Management, a pan-European private credit firm with more than €5bn (£4.2bn) in AUM.
The acquisition will expand Franklin Templeton’s global alternatives platform and strengthen its direct lending capabilities across Europe’s growing lower mid-market, the firm said.
In October, Ares Management acquired the remainder of BlueCove, having taken a minority stake in the London-based systematic fixed income manager in 2023. Following the transaction, BlueCove, which manages $5.5bn, will become part of Ares’ systematic credit strategy.
Real estate
Real estate acquisitions also accelerated during the year. In January, Apollo acquired mid-market asset manager Argo Infrastructure Partners, adding approximately $6bn of assets to its infrastructure platform.
Also in February, Apollo agreed to acquire real estate specialist Bridge Investment Group in an all-stock transaction valuing the firm at around $1.5bn. The deal further expands Apollo’s origination capabilities in residential and industrial real estate, in line with its long-term growth strategy.
Insurance deals
Insurance emerged as a major theme in 2025, as private credit firms partner up with insurers to tap into their investable premiums. In August, Manulife agreed to acquire a 75 per cent stake in Comvest Credit Partners, the direct lending arm of Comvest Partners. The transaction will create a combined private credit platform with $18.4bn in AUM.
Meanwhile, in December, Jefferies Financial Group acquired a 50 per cent stake in Hildene Capital Management, an $18bn credit manager. The move follows Jefferies’ decision in 2022 to take a revenue share in Hildene’s asset management business.
The deal comes as Hildene Capital Management acquired the parent company of SILAC Insurance Company, a US annuity provider, in a transaction valued at $550m. Following completion, Hildene will assume responsibility for all of SILAC’s investment assets, having managed a portion of them since 2023.
