An affiliate of LibreMax Capital (LibreMax), an asset management firm specialising in structured credit, is to acquire Trimaran Advisors, a US-based investment manager with expertise in managing collateralised loan obligations (CLOs), from KCAP Financial (KCAP).

Trimaran currently manages six CLOs with approximately USD3 billion of assets under management. Following the close of the transaction, Trimaran’s Chief Investment Officer and head of its CLO platform, Dominick Mazzitelli, will continue to lead the business, supported by the existing management team.
 
“Trimaran is a well-respected CLO manager with a seasoned team of investment professionals, whose strategy complements our deep structured credit expertise,” says Greg Lippmann, Chief Investment Officer of LibreMax. “The addition of Trimaran expands our core products — diversifying our platform and offering our investors access to an asset class that has performed well through various credit cycles.”
 
Mazzitelli adds: “LibreMax’s significant experience investing across a broad range of structured credit assets makes the firm a great fit for our platform. We look forward to working with the LibreMax team to provide its investors with attractive opportunities across the leveraged loan market.”
 
The transaction is subject to customary closing conditions and is expected to close by year end.
 
Schulte Roth & Zabel LLP served as legal counsel for LibreMax on the transaction.