DLJ invests $94m in Anthracite Capital

The transaction also gives DLJ Real Estate Capital Partners - the private equity real estate arm of Credit Suisse - a seat on Anthracite’s board of directors.

DLJ Real Estate Capital Partners has made a $93.5 million (€59.5 million) investment in Anthracite Capita, managed by global investment management firm BlackRock. Anthracite focuses on investments in high yield commercial real estate loans and related securities.

Following the deal, Andrew Rifkin, managing partner of DLJ Real Estate Capital Partners, will be a member of Anthracite’s board of directors. Rifkin previously served on Anthracite’s board from December 1999 to February 2002 in a prior strategic investment in Anthracite by DLJ.

“We are very pleased to provide equity to Anthracite Capital,” Rifkin said in a statement, adding that Anthracite is well-positioned to capitalize on, “investment opportunities created by the current market conditions.”

Richard Shea, Anthracite president and chief operating officer, said that the transaction which will allow it to target opportunities created by turbulence in the credit markets: “This transaction represents an important addition to our capital base, positioning the Company to respond proactively to the dislocation in global credit markets.”

Anthracite Capital targets investments in high yield commercial real estate loans and related securities around the world. It also invests opportunistically in commercial real estate. Anthracite is externally managed by BlackRock Financial Management, a subsidiary of BlackRock.