Various asset supervisor Rithm Capital has agreed to amass Crestline Administration, an alternate asset supervisor with $17bn (£12.6bn) in property beneath administration (AUM), for an undisclosed sum.

Crestline is a fully-integrated platform providing personal credit score and different funding methods throughout direct lending, opportunistic credit score, and fund liquidity options. It additionally manages a reinsurance technique with liabilities primarily funded by its wholly owned insurance coverage supplier.

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Following the acquisition, Rithm’s mixed platform will comprise $98bn in investable property, together with $53bn in AUM, and can provide institutional traders a spread of methods throughout asset courses and return profiles. Rithm stated the acquisition additionally expands its capabilities throughout direct lending, fund liquidity options, insurance coverage and reinsurance.

Upon closing of the transaction, Crestline’s funding workforce, committees, and techniques will stay unchanged, and the agency will preserve its present workplaces in Fort Value, New York, Toronto, Tokyo and London.

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“We’re excited to be becoming a member of Rithm, an industry-leading different asset supervisor with deep experience in asset-based methods and a shared concentrate on constructing progressive options that ship alpha to traders,” stated Doug Bratton, chief govt of Crestline.

“As we thought of quite a lot of strategic alternatives, it was essential for us to discover a accomplice with the platform, assets, and entrepreneurial spirit to speed up our subsequent part of progress. We consider this transaction achieves all of these aims and positions our platform for long-term progress.”

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“Crestline provides significant new credit score and different funding capabilities, establishes our entrance into insurance coverage and reinsurance, and creates extra value-creating alternatives for our traders and shareholders,” added Michael Nierenberg, chief govt of Rithm.

“We’re excited to leverage our expanded product suite and like-minded cultures centered on entrepreneurship, innovation, and funding excellence as we search to capitalize on the substantial alternatives forward.”