The Blackstone Group’s existing debt arm, GSO Capital Partners, has acquired European leveraged loan manager Harbourmaster Capital for an undisclosed sum, according to a statement.
The deal enables Blackstone to build out its European debt coverage, with GSO hitherto being largely US-focused. A source close to the process indicated Blackstone had been considering the acquisition for two years or more.
The Harbourmaster team oversees about €8 billion of loans and infrastructure debt, which, when combined with its existing European leveraged loan business, would bring the US group’s total debt-related European assets under management to about €11.5 billion.
In January, Harbourmaster hired Philippe Benaroya, Chris Wrenn and Gilles Lengaigne – formerly of monoline insurer FSA – to bolster its infrastructure debt team and capitalise on “considerable opportunities in both the primary and secondary infrastructure debt markets and as investors seek long-term stable returns,” Harbourmaster said at the time.
The new hires underwrote more than €7 billion of infrastructure debt while at FSA over the last 10 years “without incurring any losses,” Harbormauster stressed in a January statement.
*Bruno Alves contributed reporting.