Private equity group CVC Capital Partners is expanding further into debt management in a deal with asset manager Resource America to create a new credit arm with assets of $7.5 billion.CVC will combine its existing credit arm Cordatus Group with Resource America's Apidos Capital Management, the two parties said in a statement on Wednesday.The new venture highlights how leading private equity groups are extending their activities beyond core buyouts as new deals become harder to find and competition more intense.Rivals Blackstone and Carlyle have already built extensive credit arms to manage vehicles investing in corporate debt, such as leveraged loans and high-yield bonds.
Resource America, Inc. is a specialized asset management company, which evaluates, originates, services and manages investment opportunities through its real estate, commercial finance and financial fund management subsidiaries. Shares of REXI traded higher by 0.21% or $0.01/share to $4.85. In the past year, the shares have traded as low as $4.03 and as high as $7.47. On average, 15316 shares of REXI exchange hands on a given day and today's volume is recorded at 4000.
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