First Eagle Investments completed the acquisition of alternative credit manager Napier Park Global Capital. As of June 30, Napier Park managed approximately $19.5 billion through credit funds, U.S. and European collateralized loan obligations (CLOs) and real assets, predominantly for institutions.
First Eagle Investments is an independent, privately owned investment firm with approximately $101.8 billion in assets under management as of June 30; on a pro forma basis to include Napier Park, First Eagle’s total assets under management are approximately $121.3 billion as of that same date, including $40.8 billion in alternative credit assets. The acquisition of Napier Park has significantly broadened First Eagle’s capabilities in the large and diverse alternative credit market, enabling it to offer clients exposure to opportunistic U.S. and European credit, U.S. mortgages and consumer debt, U.S. municipal debt and equipment leasing. It also has enhanced the size and scope of First Eagle’s CLO footprint, including the addition of European CLO management.
“Napier Park has built a distinguished track record of solving sophisticated institutional investors’ most critical portfolio needs, and its investment team is among the most seasoned in the industry, with experience across market cycles,” Mehdi Mahmud, president and CEO of First Eagle Investments, said. “We are confident Napier Park’s strategies will be compelling to First Eagle’s clients and are excited to offer them on our platform.”
As an autonomous, wholly owned unit of First Eagle Investments, Napier Park now goes to market as “Napier Park, a First Eagle Investments Company” while maintaining its investment approach, business focus and client service. Jim O’Brien and Jon Dorfman — who served as CEO and chief investment officer, respectively — continue to lead Napier Park as managing principals, reporting to Mahmud.
“First Eagle’s investment-centric culture is consistent with the environment we’ve created at Napier Park, and we’re excited to become a part of such a dynamic organization,” O’Brien said.
“First Eagle’s robust global institutional distribution structure will bolster the momentum we’ve built in our business over the years and help us connect with a broader base of investors as we continue our efforts to deliver incremental returns from credit and liquidity risk premia,” Dorfman said.