Azimut Group agreed to take a minority equity interest in Pathlight Capital and some affiliated entities, the companies said Monday.
Terms of the deal were not disclosed.
Boston-based Pathlight Capital is a private credit manager with $1.4 billion of committed capital to two investment funds and other accounts.
It is the third U.S. deal for Azimut, which is acquiring the 20% interest in Pathlight Capital through its U.S. subsidiary Azimut Alternative Capital Partners. A news release said that "a significant portion of transaction proceeds will be used to grow and invest in the business in the form of growth capital," but there would be no changes in the strategy, management, investment process or day-to-day operations.
Headquartered in Milan, Azimut has $90 billion in assets under management. It operates in public, private and emerging markets, with 37% of total assets from overseas. Azimut Group CEO Gabriele Blei said in the release that with nearly $14 billion under management, the U.S. has become the largest market for Azimut outside of its domestic operations.
Azimut Alternative Capital Partners CEO Jeff Brown said in the release, "We believe the asset- based lending space is an important and growing component of the private credit industry and the global economy."