New Holland takes majority stake in $2.2B credit manager Foundation

What's the deal? New Holland CapitalDealroom has a profile for this one. Try Dealroom →, an $8.3 billion multistrategy manager, has acquired a majority stake in Foundation CreditDealroom has a profile for this one. Try Dealroom → and announced a strategic partnership with the alternatives firm. The two declined to disclose the price, describing the holding only as a "slight majority."

What each side brings: Foundation Credit, which managed $2.2 billion as of September 30, specialises in US municipal credit and infrastructure debt. New Holland also made investments in those two strategies as part of the deal, though it declined to specify their size.

What's the endgame? New Holland's strategy is "partnering with exceptional investors who often are pursuing opportunities that aren't massive in terms of their scalability," said Scott Radke, chief executive officer and co-chief investment officer. It aims to help such managers via distribution, product development, and other infrastructure, serving a shared client base.

The signal: The tie-up reflects continued consolidation in private credit, as larger platforms acquire specialists to broaden their product range. For New Holland, Foundation adds niche exposure to municipal and infrastructure debt — markets that smaller managers can struggle to scale alone.

Read more: pionline.com

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