U.S. alternative asset manager Black Diamond Capital Management has acquired GSC Group’s London team, a player in the European CLO market, the company said in a release.
Nick Petrusic will head up Black Diamond’s new London-based group, which will focus on European mezzanine and CLOs.
"We are excited to have an experienced team with a long track record based in London, and look forward to continuing to grow those businesses as new opportunities present themselves in the European markets," Steve Deckoff, managing principal at Black Diamond, said in the release.
"We look forward to continuing our work in managing the current funds and bringing to market new funds in the future under the Black Diamond umbrella,” Petrusic said. “Black Diamond has a long history of investing in Europe and has a well developed infrastructure that we can leverage in order to bring market leading products to investors.”
Founded in 1995, Black Diamond Capital Management is a privately held alternative asset management firm, with offices in Greenwich, Conn. and Lake Forest, Ill.
The firm manages more than $10 billion in assets, across its four lines of business: control distressed/private equity, hedge fund, mezzanine funds and CLOs and other structured vehicles.
Established in 2000, the U.K.-based business acquired from GSC Group has been a significant investor in the European leverage market, investing in first- and second-lien loans through its European CLO funds and arranging and investing primarily in subordinated mezzanine loans through its European mezzanine funds.