Man Group to acquire Bardin Hill to bolster credit platform

Alternative investment management firm Man Group is to acquire Bardin Hill, a US private credit manager with approximately $3bn (€2.6bn) of assets under management (AUM).

Based in New York, Bardin Hill’s opportunistic credit platform targets US distressed and special situations investments and US non-sponsor backed direct lending, while its performing credit platform focuses on broadly syndicated collateralised loan obligations (CLO).

Led by an experienced management team with an average industry tenure of 22 years, Bardin Hill has significant expertise in managing credit strategies and a sophisticated global client base including pension funds, endowments, foundations, insurance companies and consultants.

Jason Dillow, chief executive officer of Bardin Hill, will continue to lead the Bardin Hill business with the support of its nine partners, including its executive committee members, Philip Raciti and Jacob Fishelis.

Bardin Hill’s investment committee, investment team, and investment processes will remain in place, and Man Group’s global distribution capabilities will enhance the firm’s access to new investors.

Man Group said the acquisition will further bolster its overall credit platform – which currently comprises nearly $40bn of AUM – by adding opportunistic and performing credit strategies designed to provide consistent risk-adjusted returns.

Man Group said Bardin Hill’s investment capabilities will complement the manager’s existing private credit offering, which includes direct lending, credit risk sharing and residential real estate lending strategies. The acquisition also further expands Man Group’s footprint in the US, aligned with the firm’s strategic priority to grow its presence in North America, the firm added.

Steven Desmyter, president of Man Group, said: “This acquisition adds important new capabilities to our growing credit platform, further expanding and diversifying our offering to clients in line with the strategy we unveiled last year.”

The move follows the acquisition of Varagon in 2023, Desmyter said, adding that there is “real potential for growth in both opportunistic and performing credit”.

Dillow added: “Man Group’s extensive distribution network, sophisticated institutional platform and cutting-edge technology will help us strengthen our opportunistic and performing credit strategies for existing Bardin Hill investors, while offering new investors access to Bardin Hill products.

“As volatility and dislocation within credit markets persist, we believe a tremendous opportunity exists to leverage our combined strengths to deploy capital and deliver compelling returns for clients.” 

The financial terms of the transaction were not disclosed.

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