Australia-based Metrics Credit Partners has acquired a portfolio of loans from Investec Australia.
The deal comprises a portfolio of leveraged finance and fund finance loans to corporates and funds working across business services, entertainment, retail, childcare, healthcare, mining services and financial services.
Financial details were not disclosed but Metrics said the deal brings its total portfolio size to more than $6.5 billion.
The move is part of Investec’s withdrawal from the Australian market after 23 years. Last year the firm’s parent Investec Bank announced it was simplifying its business structure and focusing on its core market in the UK.
Loan portfolios managed by Investec’s resource finance and project and infrastructure finance were not included in the sale process but Investec plans to spin out that team as an independent advisory boutique.
Metrics’ managing partner, Andrew Lockhart, said: “This is a great outcome for investors because it will add to the diversity and liquidity across our funds and lead to an uplift in expected total returns. The credit quality of this portfolio is sound and provides a great opportunity to expand our relationship with Australian corporate borrowers.”
Investec said the deal will enable local corporate clients to continue to be served by a local lender.