Waterfall, an investment adviser, agreed to acquire Alternative Credit Investments, a closed-ended investment company, for $825m. "We are very pleased to announce this acquisition with the unanimous recommendation of the Board of ACI. As an experienced asset manager in the structured credit market, we believe that the acquisition represents an attractive opportunity to secure a portfolio of assets that fits with our existing investment strategy, while seeking to provide ACI Shareholders with certain and timely liquidity at an attractive price," Patrick Lo, Waterfall Partner.