NEW YORK CITY-Blackstone Group LP’s global credit platform GSO Capital Partners LP has acquired Dublin-based Harbourmaster Capital, a leveraged loan manager that manages and advises on approximately $11 billion in assets. Under the deal, Harbourmaster will continue to support its funds, and will form a combined platform with GSO’s existing European leveraged loan business to develop new European-focused funds for their global investor base, the company announced on Thursday.

The combined European leveraged loan platform will have approximately $15.5 million in assets under management supported by a combined team of 40 professionals in both Dublin and London. The deal also enhances the company’s global scale, says Bennett Goodman, senior managing director and co-founder of GSO. “Harbourmaster Capital is widely recognized as a market leader in Europe, an extremely well managed firm whose investment style and philosophy is completely consistent with ours,” he says, in a statement following the acquisition.

In addition to leveraged loans, GSO also manages mezzanine, distressed and special situations investment funds that are active in the European credit markets. “By merging our European platforms, we are creating one of the largest alternative managers in Europe, strategically positioning us to capitalize on the growing number of investment opportunities in the European corporate credit markets,” Goodman adds.