Aksia to buy private equity/real asset specialist TorreyCove

Hedge fund specialist investment consulting firm Aksia has inked a deal to acquire TorreyCove Capital Partners in the first half of this year. Terms were not disclosed but the combination of Aksia and TorreyCove reflects the growing pan-alternatives interest in the institutional investor community. Aksia has advised institutional investors on private credit and hedge fund strategies, while TorreyCove has a long-running business in consulting on private equity and real asset strategies. According to a press statement, the firms will advise on more than $160 billion in alternative assets with more than 240 professionals globally, including more than 150 professionals focused on investment research and risk management. Both firms are 100% employee-owned. New York-headquartered Aksia employs 177 professionals and advises on more than $85 billion of alternative allocations, including more than $8.5 billion of committed assets under management. TorreyCove, based in San Diego, has $75 billion in assets under advisement and 66 employees. Combined the firms still are dwarfed by UK-based firm Albourne Partners, which according to its website advises on $500 billion in alternatives with 270 clients. Following the transaction, Aksia will remain headquartered in New York, with offices in San Diego, London, Tokyo, Boston, Athens and Hong Kong. TorreyCove’s five managing directors will be welcomed as partners of Aksia and assume senior management positions. Clients will benefit from larger and deeper research teams with the acquisition as well as access to wide research on investments and pan-alternatives expertise.

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