Mediobanca-backed Cairn Capital, an alternative credit asset manager, completed the acquisition of Bybrook Capital, a London-based distressed credit specialist. Financial terms were not disclosed. Mediobanca will retain a stake of around 64% in the new group, while the remaining 36% will be held by former Bybrook shareholders and Cairn Capital’s minority investors. “We are delighted at the prospect of merging with an outstanding firm that has a proven track record of delivering differentiated and strong absolute returns to institutional investors. We are confident that the combined fundamental credit research capabilities and complementary skills will greatly enhance the investment process and our ability to consistently deliver exceptional returns throughout the cycle,” Nicholas Chalmers, Cairn Capital CEO.