Private Equity Merger: Aksia Buys Out TorreyCove Capital Partners
Research consultancy buys out PE consultancy in a blockbuster deal.
New York advisory Aksia will purchase private equity consultancy TorreyCove Capital Partners. The deal will see the two firms marry under the name Aksia.
Aksia has specialized in private credit and hedge fund strategies. TorreyCove has specialized in private equity and real asset strategies, according to a press release.
“We have always been on friendly terms,” Aksia CEO James Vos told Barron’s last week.
“There are firms that do everything but many of them may not be as deep as specialists in alternatives,” he later said.
The new firm will have 240 employees and work with clients with a total AUM of roughly $160 billion.
The company will have its headquarters in New York. It will have offices in San Diego, London, Tokyo, Boston, Athens, and Hong Kong.
Aksia in the New World of Private Equity
The deal comes at a time that alternative investment firms are sitting on a lot of capital. Private equity firms alone have roughly $1.5 trillion in dry powder on the sidelines. In addition, private equity shops have looked to maximize shareholder value by moving from partnerships to corporate status. KKR, Blackstone Group, Apollo, and Carlyle Group all made that switch over the last six months.
The Aksia merger will not see any layoffs. Instead, Aksia’s CEO said that the companies are looking to hire. Both firms were in hiring mode before this and the combined firm will be in hiring mode coming out of this,” Vos told Barron’s.
Latest Alternative Investment News
Carbon emissions dominated the headlines this week. The European Commission has announced an ambitious plan to shift toward a green economy and make the EU carbon-neutral in the year ahead….
Kirkoswald Asset Management will stop accepting new investors when the fund hits nearly $2 billion. Reuters reports that the two-year-old fund will close itself to new investors at the end…
Fundbox, the fintech startup that finances SMEs, is planning a potential IPO. Fundbox has appointed Marten Abrahamsen as its CFO effective this January. Abrahamsen was previously a partner at The…
Such is the power of Kyle Bass, the hedge fund manager who correctly predicted the crisis from US subprime mortgages in 2007. The Hong Kong Monetary Authority deemed it appropriate…