3i moves into US debt markets

UK-listed 3i Group, fresh from the acquisition of seven CLO contracts worth €2 billion from Invesco in May, made its first foray into the US debt markets, signing a joint venture with US-based WCAS Fraser Sullivan Investment Management which gives it access to the North American market. 3iDM’s total assets under management reached £6.5 billion ($10.2 billion ; €8.3 billion) following the deal. The group now oversees 19 CLO funds. The deal meant all new US debt managmenet business for both 3i and Fraser Sullivan will be implemented through the newly-formed 3iDM US, which will be able to draw on Fraser Sullivan’s senior management and investment team.