The latest deals and transactions in and around North American wealth management.

MetLife Investment Management has agreed to acquire Raven Capital Management, a privately-owned alternative investment firm. Metlife IM is the institutional asset management business of MetLife.

As of December 31, 2022, Raven’s assets under management totaled $2.1 billion. The acquisition, for which financial terms were not disclosed, is subject to customary closing conditions. 

Raven, which invests across the private credit spectrum, specializes in primary origination, underwriting, execution and management of middle market direct asset-based investments. 

Metlife said it expects the acquisition to “significantly advance” its ability to grow its higher yielding private credit offerings as well as its overall origination in the asset classes and sectors in which Raven specializes.

Based in New York and Santa Monica, California, Raven Capital Management is primarily focused on direct asset-based investments, including senior secured loans as well as outright purchase of cash-flowing assets. It manages a range of specialty assets such as music and media, among others.