First Eagle Investments, an investment firm, has agreed to acquire Napier Park Global Capital, a credit manager. Napier Park will operate autonomously and go to market as “Napier Park, a First Eagle Investments Company.”
The acquisition has been approved by First Eagle’s board of directors and Napier Park’s partners. The transaction is on track to close in the coming months, subject to regulatory approvals and other customary closing conditions. Napier Park will function autonomously and will not change its investment approach or client services.
First Eagle Investments is an independent investment firm that manages approximately $110.5 billion in assets as of December 31, 2021. Napier Park is an international credit manager with about $18.7 billion in assets under management as of December 31, 2021. This acquisition will expand First Eagle’s capabilities and allow the firm to give clients opportunities in US and European credit, mortgages and consumer debt, and municipal debt and equipment leasing. It also broadens the size and scope of the firm’s CLO footprint.
CEO Jim O’Brien and CIO Jon Dorfman will continue to operate the firm as managing principals and no changes will be made to Napier Park’s investment strategy as a result of the acquisition.
O’Brien added, “We look forward to introducing our differentiated lineup of alternative credit vehicles to a wider base of investors seeking incremental returns from credit and liquidity risk premia.”
Goodwin Procter operated as legal counsel and UBS Investment Bank acted as financial advisor to First Eagle. Davis Polk provided legal counsel and Houlihan Lokey acted as financial advisor to Napier Park.