<!-- Swiftype Variables -->

Alternatives

Lovell Minnick Partners acquires majority stake in Tortoise Investments

Updated with correction

Private equity firm Lovell Minnick Partners, along with HarbourVest Partners, AlpInvest Partners and other limited partners, are purchasing a majority stake in alternative money manager Tortoise Investments, a Tortoise spokeswoman said.

Terms of the deal, which is expected to close at the end of the first quarter of 2018, are not being disclosed. Lovell Minnick, along with co-investors, is purchasing two-thirds of the company's stake through a private equity fund, while Tortoise management is increasing its stake to 33% from 23%. The parties agreed to buy out portions of the 77% stake previously owned by Mariner Holdings and the five co-founders of Tortoise Investments.

Those co-founders are Kevin Birzer, who will remain CEO and is the lone co-founder not selling his stake; Zachary A. Hamel, Kenneth P. Malvey and Terry Matlack, all managing directors who will retire from the firm at the closing of the transaction; and David Schulte, who retired from the firm in 2015.

Tortoise has about $20.2 billion in assets under management.