Major backers of Hayfin Capital Management have reduced their stakes in the direct lender after it offloaded a €705 million portfolio of loans to Australian sovereign wealth fund The Future Fund, one of its existing investors.

Hayfin, a €6 billion direct lender backed by TowerBrook Capital Partners, will continue to manage the assets alongside more than €5 billion worth of third-party funds and separate accounts, according to two people familiar with the matter.