First Eagle Investment Management (First Eagle) has completed its previously announced acquisition of THL Credit Advisors (THL Credit).First Eagle Alternative Credit, as the combination of First Eagle’s existing private credit platform and THL Credit is now known, focuses on both tradable credit and middle-market direct lending, with approximately USD23 billion in assets under management and advisement on a pro forma basis as of 31 December, 2019. First Eagle Alternative Credit’s robust product suite is available to sophisticated investors through public and private vehicles, separately managed accounts and commingled funds, including collateralised loan obligations.
“In acquiring THL Credit, First Eagle has brought aboard a very talented group of people who have built a strong franchise in a highly competitive market,” says Mehdi Mahmud, President and Chief Executive Officer of First Eagle. “The combination of the two firms meaningfully enhances our partnerships with investors and their intermediaries as well as with borrowers, private equity sponsors and investment banks. We are excited about the range of differentiated investment strategies and solutions First Eagle Alternative Credit can offer to institutional and retail clients worldwide.”
“The combined organisation brings together experienced, accomplished tradable credit and direct lending teams on a scaled platform,” says First Eagle Alternative Credit President Chris Flynn, who had led THL Credit’s business prior to the transaction and now reports to Mahmud. “We look forward to partnering with our new colleagues at First Eagle to leverage our extensive resources on behalf of investors and borrowers.”
In connection with the closing of the transaction, THL Credit Advisors LLC has changed its legal name to First Eagle Alternative Credit, LLC. The full rebranding of THL Credit entities and assets is expected to be completed over the coming weeks.
