Oakley Capital and La Caisse invest in institutional debt administration provider GLAS
Oakley Capital, a leading mid-market private equity investor, is pleased to announce it is acquiring a majority stake in GLAS (“Global Loan Agency Services”), a leading, global provider of loan administration and bond trustee services. Oakley is investing alongside La Caisse (formerly CDPQ) who has acquired a minority position, as well as Levine Leichtman Capital Partners who will retain a small stake in the business.
Founded by Mia Drennan and Brian Carne in 2011, London-headquartered GLAS offers a wide range of administration and trustee services for the credit markets, including private credit and leveraged finance.
The company oversees the lifecycle administration of debt instruments, including transaction execution, interest determination, cash flow coordination and stakeholder communications, underpinned by regulatory and structural requirements for independent agency providers.
Operating with over 450 employees across 16 offices in Europe, America, APAC and Middle East, GLAS services a portfolio of over $750 billion across its global platform.
The global private credit market which GLAS serves today exceeds $2.4 trillion in AUM and is expected to surpass $4.5 trillion by 2030, supported by healthy fundraising momentum into the asset class from a wide array of institutional and retail investors, as well as continued diversification into broader credit segments, including infrastructure, asset-backed and specialty finance. Against this backdrop, GLAS benefits from high barriers to entry and strong recurring revenues, driven by regulatory licensing requirements and the rising need for sustained investment in technology.
In recent years, GLAS has enjoyed 40% organic revenue growth thanks to its premier service, its global tech-enabled platform, and strong relationships with leading lenders and law firms. The company has also benefitted from its ability to support complex transactions, including restructurings and multi-jurisdictional mega loans.
GLAS will continue to be led by CEO and Founder Mia Drennan, alongside her existing executive management team, Ethan Levner, CFO and Joanne Brooks, CCO. Oakley will support GLAS to accelerate growth through international expansion, M&A and the continued development of the company’s technology and AI offering.
„Mia has successfully built a global leader in the market for debt administration, a market with strong and attractive growth characteristics. We are pleased to be partnering with such an accomplished entrepreneur and look forward to supporting the next phase of GLAS’ growth.“ – Peter Dubens, Co-Founder and Managing Partner — Oakley Capital