Azimut, Italy’s leading independent asset manager with €58 billion in AUM, established a US based newco named Azimut Alternative Capital Partners, with the purpose of investing in GP stakes of alternative managers specialized in the private markets space, including private equity, private credit, infrastructure and real estate. At the same time, Azimut signed an investment and shareholder agreement with AACP’s new CEO, Jeffry Brown, to execute the business plan, which, among other things, aims at building the leading private markets strategic permanent capital solutions provider and business operator.
AACP was established to build a next generation, diversified, multi-affiliate investment firm by acquiring initially minority stakes in alternative asset managers and providing strategic value-added services. AACP’s focus is on the large and growing, yet underserved segment of sub $ 3bn AUM alternative asset management businesses. Alternatives industry veteran Jeff Brown has over two decades of investing, due diligence and operating management experience in the alternatives asset management industry. Jeff was previously a Managing Director at Dyal Capital Partners (one of the leading minority stake investors in the alternatives asset management businesses globally, part of Neuberger Berman), and joined in its early days of formation. He founded and for five years led Dyal’s Business Services Platform which drove value creation in the Dyal portfolio companies across three private equity funds totalling $ 9bn in AUM. Prior to Dyal, Jeff was a Senior Managing Director at Bear Stearns Asset Management (“BSAM”). During his tenure at BSAM, he was Chief Development Officer and led the strategic expansion of the firm from $ 23bn AUM to $ 55bn AUM in four years. Prior to joining BSAM, Jeff held senior roles at Morgan Stanley Asset Management.
Jeffry Brown, CEO of AACP commented: “I am delighted to join the global Azimut family and look forward to building a next-generation multi-affiliate alternatives business leveraging the Azimut brand and my combined capabilities. Azimut’s strong reputation as a committed and steadfast long-term partner give me confidence that we will achieve the business goals targeted in the plan”.
Pietro Giuliani, Chairman of Azimut Holding, commented: “We are excited to have a top-notch professional such as Jeff on board with us in this long-term initiative. We strongly believe in the opportunity of investing into alternative managers in the US with a long-term approach and commitment, very much in line with our Group DNA. We are convinced that this partnership will be successful and will allow an important step forward in the alternative sector, complementary to what we are doing in Italy with the Azimut Libera Impresa project. The alternative asset managers in which we’ll invest will have a stable and trustworthy partner at their side, helping them to achieve their goals and growth targets.”
AZ US Holding, Azimut US sub-holding company, will carry out the transaction, involving a 10-year business plan with call/put option rights aimed at partnering with alternatives asset management businesses in the sub $ 3bn AUM space, helping them achieve their greatest business potential. In the base case of all the envisaged acquisitions, Azimut anticipates an investment of capital sufficient to achieve over $ 7 bn of pro-rata AUM (in excess of ca. $ 20 billion of affiliated AUM) in the next 10 years. The business plan also entails the entrance of further key senior managers over time, who have already been identified. Azimut and the management of AACP will cooperate to grow the business in the long term.
Oppenheimer & Co. acted as advisor in the creation of Azimut Alternative Capital Partners.
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