First Eagle Investments to Acquire Napier Park Global Capital, Expanding Alternative Credit Capabilities

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  • The acquisition complements First Eagle Investments’ multi-asset lineup and enhances the capabilities offered to clients, including opportunistic lending.
  • Napier Park will operate as a stand-alone unit wholly owned by First Eagle Investments.
  • No changes to Napier Park’s investment approach, business focus or customer service.

NEW YORK, March 30, 2022 /PRNewswire/ — First Eagle Investments (“First Eagle”) today announced a definitive agreement to acquire Napier Park Global Capital (“Napier Park”), a leading alternative credit manager with approximately $18.7 billion of assets under management at December 31, 2021, primarily for institutions through loan funds, secured loan obligations in the United States and Europe, and real assets. As a stand-alone unit wholly owned by First Eagle Investments, Napier Park will enter the market as “Napier Park, a First Eagle Investments Company” and maintain its investment approach, business focus and client service .

First Eagle Investments is a private, independent investment company with approximately $110.5 billion of assets under management at December 31, 2021. The acquisition of Napier Park significantly expands First Eagle’s capabilities in the large and diverse alternative credit market, enabling it to offer its clients exposure to US and European opportunistic credit, US mortgage and consumer lending, US municipal debt and equipment leasing. It also improves the size and scope of the company’s CLO footprint, including the addition of European CLO management.

“Over time, First Eagle has deliberately sought to nurture an investment-focused culture, underpinned by a set of fundamental investment principles, which encourages philosophical autonomy among our portfolio management teams,” said Mehdi Mahmoud, President and CEO of First Eagle Investments. “We believe Napier Park’s capabilities are a strong complement to those of our existing Global Value, Small Cap and First Eagle Alternative Credit teams, and our clients will be best served by having access to all of them through a single platform. has no impact on First Eagle Alternative Credit, which will continue under its current leadership and operate independently of Napier Park.”

An employee-owned partnership with offices in new York, London and SwitzerlandNapier Park is distinguished by world-class infrastructure, creativity and decades of specialist expertise among its 47 investment professionals, which has enabled it to produce a strong performance record across all of its strategies. Jim O’Brien and Jon Dorfman, who serve as chief executive and chief investment officer respectively, will continue to lead Napier Park as managing directors, reporting to Mahmud. No changes will be made to Napier Park’s investment philosophy or processes as a result of the acquisition, and no personnel changes are expected. Key Napier Park employees will sign long-term agreements and continue in their current roles.

“We are excited to leverage First Eagle Investments’ established global institutional distribution structure to amplify the momentum we have built in our business over the years,” O’Brien said. “We look forward to introducing our differentiated suite of alternative credit vehicles to a broader base of investors seeking additional returns through credit risk and liquidity premiums.”

“First Eagle’s investment-focused culture and commitment to client results fits well with the environment we have sought to nurture at Napier Park,” Dorfman said. “Furthermore, the company’s belief in maintaining the investment and operating autonomy of Napier Park was extremely attractive and enabled us to complete this acquisition agreement.”

Approvals

The transaction has been approved by the First Eagle board of directors and Napier Park partners, and is expected to close in the coming months, subject to regulatory approvals and other customary closing conditions.

Advisors

Goodwin Procter acted as legal counsel and UBS Investment Bank acted as financial advisor to First Eagle. Davis Polk acted as legal counsel and Houlihan Lokey acted as financial advisor to Napier Park.

About First Eagle Investments

First Eagle Investments is an independent, private investment management firm headquartered in new York with about $110.5 billion of assets under management at December 31, 2021. Dedicated to providing prudent management of its clients’ assets, the firm focuses on active, fundamental, benchmark-independent investing, with a strong emphasis on downside risk mitigation. With a heritage dating back to 1864, First Eagle has helped clients avoid permanent capital depreciation and earn attractive returns through widely varying economic cycles – a tradition that is at the heart of its mission today. The firm’s investment capabilities include equities, fixed income, alternative credits and multi-asset strategies. For more information about First Eagle, please visit www.firsteagle.com.

About Napier Park Global Capital

Napier Park is a leading alternative credit manager with approximately $18.7 billion of assets under management, December 31, 2021, on credit funds, CLOs and real assets, mainly in the US and European markets. Napier Park is distinguished by its decades of specialist credit expertise, world-class infrastructure and creativity, delivering effective solutions to a wide range of institutional clients. Napier Park has offices in new York, London and Switzerland. For more information, visit www.napierparkglobal.com.

Media Contacts

For First Eagle Investments:
Kekst CNC
Ross Lovern
212.521.4800
[email protected]

For Napier Park:
Prosek Partners
Ben Howard
914.552.4281
[email protected]

Forward-looking statements

Statements contained herein may include outlooks, statements of future expectations and other forward-looking statements that are based on management’s current beliefs and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements contained herein are made only as of the date of this press release, and the company undertakes no obligation to update any information or forward-looking statements contained herein, except as required by law. ‘required.

SOURCE First Eagle Investments

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