Investcorp joins forces with European alts specialist Tages

Investcorp and Tages Group announced they have created a 50/50 joint venture through merging Investcorp’s Absolute Return Investments business and Tages Capital, the absolute return subsidiary of Tages Group. Both firms are well known for their multi-manager product lines and are known for their expertise in sourcing and selecting hedge fund managers. Investcorp-Tages limited leverages Tages Capital’s and Investcorp ARI’s investment expertise and complementary footprints in seeking to create a global absolute return platform with more than $6 billion in assets, including customized portfolios, seeding and other investment solutions. According to a press release, the firms have no client overlap and the combination allows them to expand their client relationships through the JV. The combined firms have most of their clients in North America (40%), with the rest spread out roughly evenly across Europe, Asia and the Middle East. The JV will be co-led by existing management, including Lionel Erdely, head and CIO of Investcorp’s ARI business, and Salvatore Cordaro, founding partner and CIO of Tages Capital. The management team will be supported by experienced investment teams globally, comprising 18 investment professionals. “Our joint venture will deliver meaningful benefits for our clients,” Erdely said. “Together we will be able to offer a broader array of absolute return investment solutions across strategies and markets. As we bring the best of our organizations together, we will remain focused on maintaining the nimble, entrepreneurial approach that has driven our success.” The combined businesses will benefit from a deeper product portfolio, officials said. This will span multi-manager portfolios across hedge funds, private debt and impact investments, seeding and acceleration partnerships, thematic special opportunity portfolios, risk-premia and cross-asset strategies and alternatives UCITS. “I cannot think of a more complementary partner for Tages to strengthen our ability to deliver performance for investors,” commented Cordaro. “Together, we will have one of the most talented and experienced teams in our industry with comprehensive portfolio of solutions, and an unmatched track record for providing seed and acceleration capital to emerging managers.” The JV creates a thriving seeding and emerging manager business with approximately $8 billion in combined total assets currently managed by investment managers seeded by Investcorp and Tages. Both organizations look to leverage their current ESG initiatives that will be focused on sustainable investments by launching new products targeting a positive and measurable social impact.

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