Updated with correction
Private equity firm Friedman, Fleischer & Lowe has purchased a majority stake in investment outsourcing firm Strategic Investment Group, confirmed Hilda Ochoa-Brillembourg, Strategic Investment's founding partner.
Terms or the size of the stake were not disclosed.
FFL took the stake as part of a recent recapitalization, Ms. Ochoa-Brillembourg said in an e-mail. She also holds the titles of president, CEO and chief investment officer at Strategic Investment.
“FFL will be a supportive and intelligent financial partner, but will not have any role in our investment process. That process will remain in place, as will key investment staff, including the founding partners of the firm,” Ms. Ochoa-Brillembourg wrote.
Strategic Investment Group has $29.9 billion in assets under management.
Ms. Ochoa-Brillembourg did not respond to requests for further details about the transactions.
“We are very pleased to be partnering with the Strategic Investment Group management team. They are exceptionally good investors and have developed a strong track record over the past 25 years,” said Tully Friedman, chairman and CEO of FFL in a written statement for P&I Daily.
The firm declined to provide further comment or details about the transaction.