- Global asset management firm Pacific Current Group (PAC) has announced it will buy a minority stake in Astarte Capital Partners
- Astarte is a London-based investment manager focused on private markets real asset strategies, including providing working capital and fundraising support
- Pacific Current plans to invest £4.4 million (around A$7.81 million) in the company, in return for 40 per cent of its net income
- PAC can defer 35 per cent of the total payment until July 2021, while the entire deal is subject to U.K. regulatory approval
- Commenting on the investment, Pacific Current said 2021 was shaping up to be a breakout year for Astarte and it was excited to partner with the company
- Shares in PAC are trading down 0.97 per cent on Tuesday, at $6.13 each
Pacific Current Group (PAC) has announced it will buy a minority stake in fellow asset management firm Astarte Capital Partners.
Astarte is a London-based investment manager which focus on private markets real asset strategies, including providing working capital and fundraising support.
Pacific Current has agreed to invest £4.4 million (around A$7.81 million) in the company, in return for 40 per cent of Astarte’s net income.
The money invested by PAC will be used to buy out passive shareholders and will also go towards working capital for the company.
The global asset management firm has the option to defer 35 per cent of the total payment until July, 2021.
Additionally, the entire deal is subject to U.K. regulatory approval which is expected to be obtained in the next four to six weeks.
“PAC is pleased to partner with Astarte given its exceptional team and differentiated investment strategy,” Pacific Current CEO and CIO Paul Greenwood stated.
“We believe Astarte’s business is at an inflection point and we expect 2021 to be a
breakout year for the firm,” Paul added.
Following the acquisition announcement, shares in PAC are trading down 0.97 per cent on Tuesday at $6.13 each at 12:52 pm AEDT.