Third Point to Buy Credit Fund Manager AS Birch Grove

New York-based hedge fund, credit, and venture capital manager Third Point is acquiring alternative credit fund manager AS Birch Grove in a deal expected to close in the first quarter of 2025.

Following the transaction, Third Point, which manages $12B in aggregate AUM, will replace American Securities as majority stakeholder. The acquisition is expected to strengthen and diversify Third Point’s credit platform, as Birch Grove oversees approximately $8B in assets across its credit-focused strategies, including CLOs, opportunistic funds, multi-strategy credit, senior loans, and high-yield bonds. Birch Grove CEO and CIO Jonathan Berger will join Third Point as co-head of credit. 

Jefferies served as financial advisor and Willkie Farr & Gallagher as legal advisor to Third Point, while GreensLedge Capital Markets acted as financial advisor and Schulte Roth & Zabel as legal advisor to Birch Grove. Weil, Gotshal & Manges served as advisor to American Securities.