White Oak Equity Partners acquired a 20% stake in hedge fund ROW Asset Management, according to two people familiar with the transaction.
Terms of the transaction, which closed May 31, were not disclosed.
White Oak is a private equity firm that specializes in acquiring non-controlling, minority interests in hedge fund managers with less than $2 billion in assets under management. ROW Asset Management has $800 million in AUM in a systematic global macro strategy.
Ryan O'Grady, co-founder and CEO of ROW Asset Management, and Jeffrey Weiser, co-founder and president, will retain control over ROW's daily operations and its investment and research processes. White Oak's investment will allow ROW executives to be more opportunistic as they seek to increase the firm's assets and capabilities.