Investcorp has agreed to purchase the debt management business of investment company 3i Group plc for $271 million. Following the deal close, the buyer will have a combined total of $23 billion in assets under management.

3i's debt management business, called 3iDM, manages funds primarily invested in senior secured corporate debt. The U.K.-based target brings $12 billion in assets under management to Investcorp. The existing management team with CEO Jeremy Ghose will remain in tact as part of the deal.

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