NEW YORK--(BUSINESS WIRE)--First Eagle Investment Management (“First Eagle”) today announced that its alternative credit group, NewStar Financial (“NewStar”), will rebrand to First Eagle Investment Management, adopting its parent’s name. NewStar’s investment team will operate as the Private Credit team of First Eagle, and the legal entities NewStar Financial, LLC, and NewStar Capital LLC, will change their names to First Eagle Private Credit, LLC, and First Eagle Private Credit Advisors, LLC, respectively.
After last year’s acquisition and the operational alignment that has taken place over the past several months, rebranding is the next step in the integration of NewStar into First Eagle. While NewStar is changing its name, its seasoned investment team, conservative investment philosophy and high level of client service remain the same. Operating under the First Eagle brand, the Private Credit team will continue to pursue its dual mission of providing flexible financing options to private-equity-backed middle market companies and managing middle market direct lending and broadly syndicated loan strategies that target attractive risk-adjusted returns.
“NewStar’s commitment to prudence as a lender and as a manager of private credit strategies aligns well with First Eagle’s values and brand,” said Mehdi Mahmud, President and Chief Executive Officer of First Eagle Investment Management. “The team will continue to focus on conservative underwriting of senior secured loans to companies with resilient businesses in sponsor-backed transactions, as well as on growing our broadly syndicated loan offering. These investment capabilities give First Eagle important tools in our mission to create compelling risk-adjusted solutions for investors’ income needs.”
Tim Conway, Head of Private Credit at First Eagle commented: “We are excited to continue to manage our clients’ assets under the umbrella of First Eagle’s brand, which has wide recognition and a stellar reputation in the asset management industry. While we have a new name, our investment philosophy, our team and our approach to working with private equity sponsors and borrowers remain the same.”
About First Eagle Investment Management
First Eagle is an independent, privately-owned investment management firm headquartered in New York with approximately $111 billion* in assets under management. Dedicated to providing prudent stewardship of client assets, the firm focuses on active, fundamental and benchmark-agnostic investing, with a strong emphasis on downside protection. Over a long history dating back to 1864, First Eagle has helped its clients avoid permanent impairment of capital and earn attractive returns through widely varied economic cycles—a tradition that is central to its mission today. The firm’s investment capabilities include equity, fixed income, private credit, and multi-asset strategies.
First Eagle’s Private Credit team, formerly NewStar Financial, manages approximately $4.7 billion* of assets under management and $2.0 billion* in assets under administration across a series of funds employing direct lending and liquid credit investment strategies. As a direct lender focused on the middle market, the team is a leading provider of flexible financing options to private equity-backed companies. Since its inception in 2004, the team has worked with more than 250 different private equity firms on more than 620 transactions totaling over $13 billion of financing commitments. For more information, please visit www.feim.com.
*As of September 30, 2018.