Non-public markets options supplier P10 is about to accumulate US direct lender Stellus Capital Administration, the businesses have introduced.
Stellus, a direct lender with $3.8bn (£2.8bn) of belongings specialising in senior secured loans within the lower-middle market, has entered right into a definitive settlement to be acquired by P10, which equally serves the lower-middle market.
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Stellus will proceed to be managed by its present companions, who will retain management of its day-to-day operations, together with funding selections and funding committee processes.
P10, which has greater than $40bn in belongings underneath administration, operates a multi-strategy platform targeted on the center and lower-middle market. P10’s sponsor community is anticipated to broaden entry to direct lending alternatives for the Stellus’ purchasers.
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“Luke Sarsfield and the P10 crew have established a extremely scaled and diversified non-public markets platform with a transparent deal with the center and lower-middle market, and we see robust alignment in our respective approaches,” mentioned Robert Ladd, managing companion of Stellus.
“This transaction will improve our capacity to develop further methods and funding autos that meet the evolving wants of worldwide buyers in search of entry to alternatives in our markets and people of sponsors and debtors in search of a dependable, considerate lending companion.”
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