Western Asset Management has acquired a minority ownership stake in Flat Rock Global, an alternative asset manager focused on developing yield driven investment strategies in sectors deemphasized by banks.

Alongside Western Asset, John Thomson of Thomson Equity also invested in Flat Rock Global.

Flat Rock said that the investment will support its investment strategies, including its initial fund, Flat Rock Capital.

Flat Rock Global CEO & founder Robert Grunewald said: “We are pleased to partner with Western Asset, one of world’s premier asset managers. We believe their successful track record of long-term, fundamental, value investing is consistent with our strategy.”

Western Asset CEO James Hirschmann said: “We believe Flat Rock Global offers investors access to intriguing, yield-driven asset classes, most notably, Flat Rock Capital Corp’s focus on investing in the debt of middle market companies. We find their focus on the growing middle market lending sector, with its favorable risk/return profile, an appealing investment strategy.”

Flat Rock Global exclusively offers its funds through registered investment advisors (RIAs), family offices and institutional investors with a single institutional style share class.

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