US firm Nuveen buying one of Europe’s largest private lenders for over $1bn
US-based investment manager Nuveen is buying Arcmont Asset Management, one of the largest private lenders in Europe, for over $1bn as traditional asset managers acquire fast-growing private capital firms in order to grow their presence in unlisted markets.
Nuveen, which is the investment manager for US teachers pension fund TIAA, is buying Arcmont to build its lending presence in Europe and expand its overall private credit business as rising interest rates make secured floating rate loans more attractive.
The acquisition comes amid a wave of dealmaking activity in the alternative asset management sector, particularly for private credit lenders that have increased their share of takeover financings this year as large banks pull back from making buyout loans.
Nuveen is paying over $1bn for Arcmont, according to people familiar with the matter. Arcmont and Nuveen declined to comment on the terms of the deal.
This story originally appeared on: Financial Times - Author:Antoine Gara
