Kartesia sells stake to Candriam in partnership deal

The deal will add private credit to Candriam’s alternatives offering while giving Kartesia’s management the autonomy to invest.

European lower mid-market lender Kartesia has sold a minority stake to asset manager Candriam and its affiliate New York Life Investments Alternatives as part of a strategic partnership.

The deal will give Kartesia access to a wide distribution network and additional operating and financial resources to help grow its business.

Kartesia will retain its existing management team and investment autonomy under the deal. The partnership will also add European private credit to Candriam’s range of multi-specialist offerings and will complement existing private credit capabilities in the US at NYLIA.

Naïm Abou-Jaoudé, chief executive officer of Candriam and chairman of New York Life Investment Management International, said: “We are excited to partner with Kartesia to add European private credit to our multi-specialist offerings. Kartesia has built an impressive track record across Europe’s lower mid-market over the last decade and has core values that are highly aligned with those of Candriam and our affiliate, New York Life Investments Alternatives.”

Jaime Prieto and Damien Scaillierez, managing partners at Kartesia Management, commented: “We are enthusiastic to create a partnership that will strengthen the Kartesia platform and bring further growth opportunities to our team and our clients.

“Candriam’s distinction in ESG investing and strong European distribution platform combined with New York Life Investments Alternatives’ reputation in the US and Asia as a focused player in the middle market make this an ideal partnership for us as we continue to strategically grow and evolve our business.”

Financial details of the deal were not disclosed and are subject to customary closing conditions and regulatory approval, with an expected completion by end-of-year.