Man Group, the world's largest listed hedge fund firm, is to acquire Bardin Hill, a New York-based private credit manager with approximately $3bn in AUM, in a move that strengthens the firm’s growing presence in the US and its alternative credit platform.

The deal will add opportunistic and performing credit capabilities to Man Group’s existing $40bn credit business. Bardin Hill, led by CEO Jason Dillow, specialises in distressed and special situations investing, non-sponsor backed direct lending, and broadly syndicated loan CLOs.

The transaction marks another key step in Man Group’s US expansion strategy following its 2023 acquisition of Varagon Capital. Bardin Hill’s experienced leadership team – averaging 22 years in the industry – will remain in place, with Dillow and executive committee members Philip Raciti and Jacob Fishelis continuing to lead the business. The firm’s investment process and team will also remain intact.

Man Group will offer Bardin Hill access to its global distribution platform, institutional infrastructure, and technology, with the aim of deepening client relationships and broadening investor access.

Financial terms opf teh deal have not been disclosed. Goldman Sachs advised Man Group, while Houlihan Lokey advised Bardin Hill.