Western Asset, a global, fixed-income manager, has bought a minority stake in Flat Rock Global, an alternative asset manager that focuses on investment strategies in sectors being de-emphasized by banks, Flat Rock Global announced Tuesday.
Western Asset, which has offices in New York and globally, has $429 billion in assets under management. John Thomson of Thomson Equity Partners in New York City also invested in Flat Rock Global. The terms of deals were not announced.
The investment supports Flat Rock Global’s investment strategies, including their initial fund, Flat Rock Capital Corp., a business development company focused on investing in first lien, floating rate debt of middle market companies, Flat Rock Global says.
Flat Rock Global exclusively offers its funds through registered investment advisors, family offices and institutional investors with a single institutional style share class.