Dechert Advises Spire Partners on Acquisition by Macquarie Asset Management

Dechert advised Spire Partners (Spire) on its acquisition by Macquarie Asset Management (MAM).

The acquisition will see Spire become MAM's European collateralized loan obligation (CLO) platform within its Credit & Insurance division. The transaction aligns with MAM's strategic priority to scale its key capabilities across the Credit & Insurance division, with CLOs being a core pillar of that strategy. The acquisition complements MAM's existing US CLO platform, which recently announced the pricing of its third US CLO. As a scaled, global CLO manager, MAM aims to offer clients deeper market access, geographic diversification, and consistent execution across cycles. The transaction comes at a time of strong growth for the sector, with 2024 and 2025 delivering record years for CLO issuance in Europe, and forecasts for 2026 suggesting another strong year for issuances. Spire will continue to manage its European CLO business and operations while benefiting from MAM's global distribution network, balance sheet and institutional infrastructure.

Founded in London in 2012, Spire manages approximately £5.7 billion (US$7.5 billion) in assets across 16 CLOs, financing lines, separately managed accounts and a multi-asset credit strategies fund focused on non-investment grade corporate credit. Spire is one of the largest Euro-only CLO managers globally, with extensive experience across market cycles and a proven track record.

Macquarie Asset Management is a leading global asset manager, trusted by institutions, individuals and communities to responsibly manage approximately US$498 billion in assets. MAM provides clients with a diverse range of investment solutions that seek to deliver superior risk-adjusted returns. Its Credit & Insurance division is an integrated global credit platform managing approximately US$162 billion in assets across private credit, liquid credit and insurance strategies, with approximately 150 investment professionals.

The Dechert team was led by corporate partner Nick Tomlinson and financial services partner Sam Kay, with support from corporate associates Debaditya Datta and Liam Partridge, and included tax partner Daniel Hawthorne; financial services partner Katie Carter and associate David Wang; labor and employment partner Jason Butwick and counsel Emma Byford; and global finance partner Richard Pugh and associate Mohib Ahmad Nadeem.

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