Sankaty Advisors LLC, an affiliate of Bain Capital, is buying a $1.3 billion loan portfolio from J.P. Morgan's Global Special Opportunities Group.
The portfolio includes mezzanine loans in North America and Europe, as well as other loans and related special situations investments in Australia and Asia.
Sankaty Advisors has previously purchase loan portfolios from Irish Bank Resolution Capital, Lloyds Banking Group and CapitalSource. The group, headquartered in Boston, is an independently-managed credit affiliate of Bain Capital. Sankaty manages about $24 billion in assets, and invests in leveraged loans, high-yield bonds, distressed and stressed debt, mezzanine debt, structured products and equities.
The deal is expected to close by the end of the year.
Kirkland & Ellis LLP served as Sankaty's legal adviser. J.P. Morgan (NYSE: JPM) provided financial advice to the seller, while Davis Polk & Wardwell LLP acted as legal counsel.
In June, Ares Management LP (NYSE: ARES) made a deal that included Keltec Financial Services LLC's $155 million loan portfolio.