Redding Ridge to Acquire Irradiant Partners, Expanding AUM to $38 Billion
Deal News | Feb 21, 2025 | Globenewswire
Redding Ridge Asset Management (RRAM), an affiliate of Apollo, has announced its plans to acquire Irradiant Partners, a manager specializing in liquid credit, private credit, and renewables. This acquisition will add $10.7 billion of CLO assets to RRAM's portfolio, increasing its total AUM to approximately $38 billion. The deal will elevate RRAM into the top five global CLO managers, enhancing its operating leverage and capital capacity. Irradiant Partners, founded by Michael Levitt, John Eanes, and Jon Levinson in 2021, brings additional leadership to RRAM, with Eanes set to become Chief Investment Officer of RRAM US. While Eanes transitions to his new role, Levitt and Levinson will join Apollo. The acquisition seeks regulatory approval and anticipates closing the majority of the business in Q2 2025. Legal and financial advisories include Sidley Austin, Greensledge Capital Markets, Weil, Gotshal & Manges, and Piper Sandler. Financial terms remain undisclosed. The transaction reflects RRAM's strategic intent to scale its CLO management and broaden its asset management capabilities in the US market.
Sectors
- Asset Management
- Private Equity & Credit
- Legal & Financial Advisory
Geography
- United States – The deal primarily involves US-based companies and expands RRAM's asset management footprint in the US market.
- Global – The acquisition positions RRAM as a leading global CLO manager, impacting its operations and management internationally.
Industry
- Asset Management – RRAM is expanding its asset management business, particularly in CLO and alternative investments through this acquisition.
- Private Equity & Credit – Irradiant Partners specializes in private equity, liquid credit, and renewable investments, aligning with RRAM's credit-focused strategy.
- Legal & Financial Advisory – The acquisition involves legal and financial advisory services from firms such as Sidley Austin and Piper Sandler, essential for completing the transaction.
Financials
- $10.7 billion – CLO AUM added to RRAM's portfolio through the acquisition.
- Approximately $38 billion – Total AUM of RRAM after the acquisition.
- $2.2 billion – Private credit and renewables AUM acquired from Irradiant.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Redding Ridge Asset Management (RRAM) | Acquiring Company | Company | An independently managed affiliate of Apollo, focusing on CLO management and partnership investments. |
| Irradiant Partners | Target Company | Company | An employee-owned alternative asset manager specializing in liquid credit, private credit, and renewables. |
| Apollo Global Management, Inc. | Parent/Partner Company | Company | A global alternative asset manager and partner with RRAM, supporting the acquisition with strategic oversight. |
| John Eanes | Incoming CIO of RRAM US | Person | Co-founder of Irradiant and future Chief Investment Officer for RRAM US. |
| Michael Levitt | Co-Founder | Person | Co-founder of Irradiant and incoming Apollo team member, with experience in private equity and asset management. |
| Jon Levinson | Co-Founder | Person | Co-founder of Irradiant transitioning to Apollo, experienced in private investments. |
| Sidley Austin | Legal Advisor to RRAM and Apollo | Company | Providing legal counsel for the acquisition process. |
| Greensledge Capital Markets | Financial Advisor to RRAM and Apollo | Company | Advising RRAM and Apollo on financial aspects of the transaction. |
| Weil, Gotshal & Manges | Legal Advisor to Irradiant Partners | Company | Providing legal counsel to Irradiant Partners for the transaction. |
| Piper Sandler | Financial Advisor to Irradiant Partners | Company | Advising Irradiant Partners on financial matters related to the acquisition. |