Dechert’s 2023 Financial Services M&A Highlights

March 19, 2024

Despite continuing economic uncertainty and a general decrease in M&A deal volume, Dechert remained active in the financial services M&A sector. From GP stakes and secondaries transactions to private credit platform creation, our global financial services M&A team provided unparalleled guidance by creating tailored solutions for the most complex and bespoke matters in the financial services space despite challenging market conditions.

Highlights from the year include representing:

  • Private credit collaborations: Dechert advised Centerbridge Partners, a global alternative investment manager, in the formation of Overland Advisors, its strategic partnership with Wells Fargo to launch a private credit platform targeting a minimum of US$5 billion of investable capital, including US$2.5 billion in equity commitments.
  • Business development company consolidations: Dechert advised the independent directors of the Board of Directors of BlackRock TCP Capital Corp. (“TCPC”) in connection with TCPC’s entry into an agreement to merge with BlackRock Capital Investment Corporation.
  • Asset management and fund acquisitions: Dechert advised abrdn Inc., the U.S. subsidiary of global investment company abrdn, on three prominent fund transactions in 2023 including: (i) the proposed acquisition and reorganization of four closed-end investment funds managed by First Trust Advisors, L.P. into three existing abrdn funds; (ii) the acquisition of the healthcare fund management capabilities of Tekla Capital Management LLC, which includes four NYSE-listed healthcare and biotech thematic closed-end funds with US$3 billion in assets under management; and (iii) the acquisition of five closed-end funds from Macquarie Asset Management. Dechert separately advised ARK Invest, an investment firm renowned for its focus on disruptive innovation, in its recent acquisition of Rize ETF Limited, a leading European provider of thematic and sustainable investing, specializing in creating research-led, and purpose-built thematic ETFs.
  • Private equity transactions: Dechert advised Estancia Capital Partners (“Estancia”) and its portfolio company, Reich & Tang Deposit Solutions (“R&T”) in an investment by GTCR, after which GTCR owned 50% of R&T and existing shareholders, including Estancia and R&T’s founding team and employees, retained 50% ownership. R&T is a leading provider of tech-enabled liquidity management, deposit funding and securities-based lending programs.
  • Specialty finance transactions: Dechert advised Barings LLC, one of the world’s leading investment managers, in its partnership and investment in Rocade LLC, a specialty finance company focused on litigation finance. Dechert separately advised Horizon Technology Finance Corporation (NASDAQ: HRZN), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life sciences, healthcare information and services, and sustainability industries, on the sale of Horizon Technology Finance Management LLC, the investment adviser to Horizon Technology Finance Corporation, to Monroe Capital, a premier boutique middle market asset management firm specializing in private credit markets across various strategies.
  • FinTech deals: Dechert advised ROBO Global, an index and research company focused on helping investors capture the unique opportunities of fast-growing robotics, artificial intelligence, and healthcare technology companies around the world, in the sale of its index suite to VettaFi, a data, analytics, digital distribution, and thought leadership company that helps asset managers solve their most pressing and complex challenges.
  • CLO consolidations: Dechert guided AIG on the sale of its collateralized-loan obligation management business to an affiliate of Blackstone.

Please read the Financial Services M&A 2023 Highlights brochure for an in-depth look at last year’s notable body of work.

As a preeminent financial services M&A legal advisor, Dechert’s deep bench of internationally recognized M&A and asset management lawyers regularly assist clients with full-service advice on all aspects of a transaction. From public M&A transactions to minority investments, clients rely on Dechert to efficiently provide practical advice.

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