Carlyle has prevailed in an auction to acquire New York-based CBAM, which manages $15 billion in credit assets, such as collateralized loan obligations and structured credit products, according to the sources, who requested anonymity because the matter is confidential.
Bloomberg News reported earlier that Carlyle was in advanced talks to acquire CBAM for between $750 million to $850 million. Carlyle and CBAM spokespeople declined to comment.With its roots in leveraged buyouts, Carlyle has been trying to expand its credit platform in recent years. It hired veteran credit executive Mark Jenkins from the Canada Pension Plan Investment Board in 2016 to spearhead its expansion into the private credit market.
The Washington, D.C.-based firm grew its credit assets to $73 billion as of the end of December, up from $34 billion when Jenkins joined, through a mixture of fundraising and acquisitions of other firms. It bought the aircraft financing firm Apollo Aviation Group in 2018 and announced a $3 billion deal to acquire the rental property leasing business of iStar IncCBAM Partners was founded in 2016 by Don Young, Mike Damaso and Jay Garrett.
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