New York-based private equity firm Pine Brook has agreed to acquire Dallas-based credit investment firm Triumph Capital Advisors for an undisclosed sum.
Triumph Capital Advisors, a wholly owned subsidiary of Triumph Bancorp, manages and provides other services with respect to collateralised loan obligations (CLOs).
In addition, Pine Brook also offered $250m equity to Trinitas Capital Management, a $1bn capitalised manager vehicle.
Subject to customary closing conditions, the deals are expected to be wrapped up in the first half of 2017.
Pine Brook managing director Bharath Srikrishnan said: “The implementation of risk retention has increased capital requirements for CLO managers, creating a need for strong management teams to attract significant amounts of equity capital.
“Pine Brook was formed for exactly this reason: to provide management teams with the capital they need to build their businesses. We view Gibran Mahmud and his team as best-in-class managers, and are excited to partner with them to grow a leading credit asset management business.”