Lovell Minnick Partners LLC’s Post

New Post: Asset manager set to acquire majority of $2.6 billion alts firm - AGF Private Capital has announced it will acquire a majority interest in Kensington Capital Partners Limited — a Canadian alternative investment firm — as part of a wider push by AGF to grow its private markets business. AGF’s investment will be $45 million for 51% ownership of Kensington. Kensington has $2.6 billion in AUM, a 27-year history, and a 40-member team. They have historically managed private equity investments across mid-market buyout & growth strategies and venture capital. As part of the deal, Kensington will retain investment and operational independence as part of AGF. The firm will receive “significant strategic support” from AGF, according to a press release announcing the deal. Kensington’s three senior managing directors Tom Kennedy, Richard Nathan and Eamonn McConnell will continue in their roles. Those three managing directors, as well as other Kensington employees, will retain 49% ownership of the alts firm. #Asset #manager #set #acquire #majority #billion #alts #firmhttps://lnkd.in/dmbS6nEY

Let’s talk GP stakes… Large scale strategic acquisitions such as Blackrocks purchase of GIP and TPG’s purchase of Angelo Gordon are, according to the majority of the senior leaders in the sector, exceptions rather than the rule. As a result the established GP stake market is increasingly being viewed as a viable option to increase Private Markets exposure. 2024 has seen the number of conversations we are having with potential clients on this topic increase significantly. Indeed we are actively working with a small number of platforms and larger GPs for whom this is of real interest. Interested to hear the views of relevant industry participants as ever and share perspective. “The world’s largest asset managers spent less money on GP stakes in 2023 than they have in a decade, but they’re ready to deploy capital in 2024.” #privateequity #privatecredit #alternatives #generalpartners #realestate https://lnkd.in/dbG6aNud

Binah Capital Group’s Craig Gould discusses the merger of Wentworth Management Services and Kingswood Acquisition Corp. and the launch of Binah Capital as a publicly traded company, as well as the future of wealth management. READ MORE: https://lnkd.in/gZhAtJ7a #WealthSolutionsReport #FinancialAdvisors #M&A #WealthManagement

I spoke to the class of YREPNY - Young Real Estate Professionals of New York and I would like to thank Mike Strug for having me. It's a privilege to be able to work in the office. It's about more than just being capable of completing the work from home. It's everything else that comes with it that can't be replaced. Develop a long-term mindset. #interviewing #investments #frontoffice #topcandidates #highpressure #commercialrealestate #givingback #thefutureofwork #publicspeaking #capitalmarkets #acquisitions #assetmanagement #brokerage #fundraising #limitedpartners #generalpartners #jointventures #development #mergersandacquisitions #reits #privateequity #privatecredit #realassets

American Discovery Capital (“ADC”), a leading merchant bank focused on founder-led and family-owned companies operating in the lower middle market, announced the final closing of American Discovery Fund II (“ADF II”) at $190 million, representing a more than 3x increase over ADC’s first fund, American Discovery Fund I (“ADF I”). ADF I closed in 2019 and invested $60 million across six portfolio companies and 17 add-on acquisitions. Consistent with its prior fund, ADF II will continue to target majority and significant minority investments as the first institutional capital in leading, founder-led and family-owned companies focused on the business services and software sectors. ADF II has already closed on three investments and is actively seeking new investment opportunities. More information regarding American Discovery Capital can be found at: https://lnkd.in/gdDaMiZa

Having helped clients go through liquidity events, sales, and mergers, we understand just how taxing the considerations of selling your business can be. Having time and a clear plan are crucial. Read this primer for some more information on how to prepare for the ‘Transaction of a Lifetime’. If you know someone who would find this useful, please feel free to share with them. And don’t hesitate to reach out if you have any questions!

This deal was closed without intermediation - not a thing you usually see: MiddleGround Capital just closed a continuation fund deal on its asset Banner Industries to complete the add-on of Castle Metals. The deal, which raised around $440m, moved Banner out of MiddleGround's debut fund, which was out of money for new investments. MiddleGround rolled its proceeds into the process and topped it up to $20m and portfolio company management rolled a portion of its deal closing bonus into the process. Hamilton Lane was lead investor on the deal. It's one of several GP-led deals closing before year-end. Read more here on Buyouts: https://lnkd.in/en3HGHEx

BWP Trust and Newmark Capital Property REIT, owners of Bunnings properties, have agreed terms to an all-scrip merger, in what represents one of the highest premiums ever for a REIT deal. The combined entity would have $3.5 billion in assets and a circa $2.5 billion market capitalisation, and could open the gates for more deals in the sector, especially as rate rises stabilise. #realestateinvestment #commercialrealestate

It turns out the Witan/Alliance Trust merger this morning was far less of a surprise to the professionals than it was to me (which is why, I suppose, I'm a glorified typing monkey, rather than an actual fund analyst). Overall, reactions seem very positive. Benefits of scale, greater liquidity, lower costs, a cash-out option for WTAN shareholders and a performance uptick for WTAN from ATST's investment manager Willis Towers Watson, were all cited multiple times. There are some questions remaining, however, regarding the 8% of WTAN's portfolio which is held in investment trusts, which presumably would have to be sold, and whether a potential FTSE 100 flotation would be a 'double-edged sword' for the new enlarged company (bearing in mind the proposed merger is, of course, still subject to approval)... https://lnkd.in/eJPGHmuy QuotedData Hawksmoor Investment Management Stifel Institutional Winterflood Research Kepler Trust Intelligence FundCalibre Ltd

Kingswood Capital Management, the owner of Cost Plus World Market, aims to raise $1 billion for its third buyout fund, marking a significant increase from its previous fund. The Los Angeles-based firm's second buyout fund closed at $620 million in January 2023, focusing on middle-market industrial, energy, and consumer companies with revenues exceeding $100 million. Founded by Alexander Wolf in 2013, Kingswood manages assets totaling $1.7 billion. The move to raise the Kingswood Capital Opportunities Fund III aligns with the trend of private equity managers witnessing a surge in fund sizes across the asset class. Recent acquisitions include taking over Cost Plus in 2021 and acquiring Caravan Materials' emulsifiers business, now known as Patco Products, and purchasing SaveMart in 2022, which owns Lucky California and Food Maxx stores. #PrivateEquity #Investing #Acquisitions Source: Pitchbook