Boston-based HighVista Strategies has agreed to purchase the U.S. private markets business of abrdn, including the U.S. private equity and venture capital assets and the investment and operational teams.
The acquisition, expected to close later this year, boosts HighVista’s assets by roughly $4 billion. The terms were not disclosed. The deal is set to expand HighVista’s investment capabilities in specialized private markets. The firm already invests in opportunistic private credit and equity, biotechnology equities, hedged public markets strategies, and multi-strategy alternatives.
“The combination of abrdn’s U.S. private equity and venture capital business with HighVista unites two teams that are culturally and philosophically aligned, especially around our investment approach and pursuit of alpha in inefficient markets,” said André Perold, CIO, co-founder and partner at HighVista Strategies. “Our teams have known each other for years, and we expect this collaboration to lead to significant cross-pollination of investment ideas over time.”
Co-Heads of abrdn’s global venture capital investments, Kirsten Morin and Peter Mooradian, will continue to manage the strategy that can trace its origins to FLAG Capital Management, which was bought by abrdn in 2015 as it grew its alternatives investment platform. Industry veteran and former FLAG CEO Peter Lawrence will be assuming a senior advisor role, according to HighVista’s announcement.
The senior U.S. private equity team, including John Dickie, Scott Reed, Whit Matthews, Rob Nagle and Ryan Tiffany will continue to manage the U.S. private equity strategy. The acquisition is anticipated to add 30 employees to HighVista.
“This strategic acquisition is a significant milestone in our firm’s nearly 20-year history,” said Caroline Page, partner at HighVista Strategies. “We are very enthusiastic about bringing this highly talented and seasoned team of private market investors aboard at HighVista to help meet the growing and evolving needs of our clients.”
PL Advisors served as financial advisor and Sidley Austin LLP served as legal advisor to HighVista Strategies LLC, while Rothschild & Co served as financial advisor and Proskauer Rose LLP served as legal advisor to abrdn in connection with the transaction.
