MetLife Investment Management (MIM), the institutional asset management arm of insurance behemoth MetLife has acquired New York-based Raven Capital Management, a privately-owned alternative investment firm with $2.1 billion in assets under management invested across the credit spectrum.

Although details of the transaction were not disclosed, Raven’s capabilities give MIM deeper and new expertise in the credit space.

Founded in 2008 by former Merrill Lynch executive Josh Green, Raven currently makes investments in private credit, specializing in primary origination, underwriting as well as implementation and management of middle market direct asset-driven investments.

The deal is set to help the $571 billion asset manager further expand its private credit solutions.

“The addition of Raven Capital Management will broaden and further distinguish our offerings in higher yielding private credit and alternative investments,” said MIM president and MetLife executive vice president and chief investment officer Steven Goulart.

Whippany, NJ-based MIM, which manages fixed income and real estate assets for more than 250 institutional clients, including insurance companies, pension and defined contribution plans, endowments, and foundations, also acquired environmental, social and corporate governance (ESG) impact fixed income investment manager Affirmative Investment Management in December 2022.

Other money managers have moved recently to acquire private debt specialists. Last year, Voya Financial Inc.’s asset-management arm reached a deal to acquire Czech Asset Management, a private debt firm dedicated to the US middle market.