Aladdin Capital Holdings L.L.C. divested management contracts on $2.2 billion of leveraged loans to New York City-based Sound Harbor Partners L.L.C.
Stamford-based Aladdin did not state what Sound Harbor paid for the loans in its Landmark CLO Fund portfolio, with CLO standing for collateralized loan obligation.
Following the deal, Aladdin will manage approximately $5.3 billion in seven collateralized debt obligation funds.
It was the first asset sale announced by Aladdin in nearly a year, when it created a joint venture with Mitsubishi Corp. to manage assets it said were not core to its main business model.
“The Landmark team (oversees) investments in more than 400 companies, many of which operate in Sound Harbor’s focus industries,” said Michael Zupon, a partner with Sound Harbor, in a prepared statement.
