Debevoise & Plimpton Advised American National In $1.6 Billion Deal Of Direct Lending Portfolio To Coller Capital
Debevoise & Plimpton Advised American National In $1.6 Billion Deal Of Direct Lending Portfolio To Coller Capital
The investment is the largest ever LP-led credit secondaries transaction in this segment
International law firm Debevoise & Plimpton LLP has advised American National, a multiline U.S. insurer, in its sale of a $1.6 billion senior direct lending portfolio to Coller Capital in a credit secondaries deal.
Coller is the world’s largest private market secondaries manager. It will acquire LP positions in 44 US credit funds. The portfolio focuses on first lien and unitranche loans to mid-market companies.
On acquisition, it has been diversified across over 3,000 loans and 1,500 borrowers, majorly based in the US.
Michael Schad, the Partner and Head of Coller Credit Secondaries, expressed, “The investment marks the largest of its kind to date. It is a classic Coller Capital transaction in that it required scale, innovation and specialist expertise to solve a complex challenge. It underlines our pioneering position in the credit secondary space.”
He added, “While interest in private credit secondaries continues to grow, the market remains undercapitalized relative to deal volumes. We believe that as more capital becomes available to address this imbalance, we will see an increase in transactions of this size.”
Martins Marnauza, a Partner at Coller Capital said, “This is a landmark transaction demonstrating the benefits of our global scale and capabilities in the secondary market, and the benefits of a seasoned team. The investment highlights our ability to effectively structure and swiftly execute transactions and helps us continue to provide our investors with exposure to a diversified portfolio of high-quality assets.”
The Debevoise & Plimpton team advising American National was led by partners Andrew Gershon and Ramya Tiller.
It included investment management counsel Jennifer Cestaro and associate James Tai, finance partner Pierre Maugüé, counsel Chris Rosekrans, associates Miles Harrison, Daria Serebrova and Ann Stillman, clerk Alexia Turpin, corporate staff attorney Thais Derjangocyan, tax partner Rafael Kariyev and associate John Nelson.
Jefferies LLC also advised American National.
Akin Gump Strauss Hauer & Feld LLP and Simpson Thacher & Bartlett LLP guided Coller Capital.
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