HPS to acquire distressed debt firm

The New York-based credit manager will bring on at least three investment professionals.

HPS Investment Partners is set to acquire Tålamod Asset Management, a Dallas-based distressed debt specialist, and will absorb several of the Tålamod’s key employees, the firms announced on Wednesday.

The New York-based buyer will take on the seller’s founder and managing member Andersen Fisher as a managing director. Kyle Mapes and Jay Steen, which joined Tålamod shortly after its founding in 2008 will also join HPS, both as executive directors.

An HPS representative could not be reached for comment, while Tålamod declined to comment.

“We are continually focused on preserving our investors’ capital while identifying investments that deliver attractive risk adjusted returns,” HPS chief executive Scott Kapnick said in a statement. “This combination provides us with an even greater ability to tap into a broader array of opportunities.”

Earlier this year, Dyal Capital Partners bought a stake in HPS.

Tålamod’s flagship fund is Tålamod Capital Partners and has raised $100 million-$200 million, a source familiar with the matter said, adding the firm’s assets under management were in the same range.