KKR buys Avoca, supplying capital needed for CLOs
Private equity firm KKR is set to expand its presence in the European credit market by buying Avoca Capital, a credit investment manager based in Ireland, in the hope of picking up corporate clients left by banks less willing to lend.
The takeover is likely to facilitate future issuance of collateralised loan obligations (CLOs) by Avoca.
The takeover will merge the two teams into a “combined European credit business” with about 80 employees and $11bn of European credit assets, ranging from senior loans to mezzanine and convertible bonds, KKR said
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