First Eagle Buys THL Credit Advisors to Form Top 10 CLO Manager

First Eagle Investment Management’s takeover of THL Credit Advisors is set to create one of the 10 largest collateralized loan obligation platforms by assets under management.

The deal, announced late Sunday, combines First Eagle’s alternative credit arm with THL Credit, a unit of private equity firm Thomas H. Lee Partners. Upon completion, First Eagle will have $23 billion of alternative credit assets under management and advisement.

First Eagle, which manages about $99 billion across equity, fixed income, private credit and multi-asset strategies, has been building out its alternative credit business in recent years as it looks to offer more ...