Private equity firm American Securities’ opportunistic credit business, Ascribe Capital, has merged with Birch Grove Capital (BGC), a credit asset management business.
The combined entity, which will be named AS Birch Grove, manages approximately USD5 billion in assets across an opportunistic hedge fund, private credit vehicles, and par credit and collateralised loan obligation vehicles. AS Birch Grove, along with its funds, will be well positioned to become a more diversified credit asset management business.
In the near term, AS Birch Grove has over USD1 billion in capital to invest in opportunistic credit situations across leveraged loans, high yield and convertible bonds, equity-linked securities, stressed and distressed investments, and corporate structured credit.
The combined entity reflects American Securities’ 27-year private equity track record and deep industry expertise along with BGC’s investment track record since its founding in 2013.
Michael G Fisch, Founder and CEO of American Securities, says: “Birch Grove Capital is a proven credit investor, and an excellent partner for the Ascribe funds and our firm more broadly. Robust credit investment capabilities alongside our flagship buyout funds make us a stronger, more knowledgeable, and more agile investor across the board.”
Jonathan Berger, CEO and CIO of BGC, adds: “We are thrilled to partner with American Securities to enhance and grow our combined platform. Together, we will have an improved ability to leverage company, industry, along with market insights and debt capital markets execution across our investment mandates.”