Investcorp and Tages Group created a 50-50 joint venture by combining the absolute-return businesses of each company earlier this month.
The new firm, Investcorp-Tages Ltd., manages a total of $6 billion in multimanager strategies including hedge funds, private debt, impact investing, thematic strategies, and manager seeding and acceleration funds, said Matthew B. Gross, a spokesman for the joint venture, in an interview.
Mr. Gross declined to provide the terms of the transaction.
About $4.5 billion of the joint venture's assets under management are from Investcorp's absolute-return unit with the balance coming from Tages Capital, Tages Group's absolute-return business.
The transaction has been "a year in the making and we anticipate a smooth integration" said Salvatore Cordaro, founding partner, CEO and CIO of Tages Capital, in an email.
Mr. Cordaro co-heads Investcorp-Tages with Lionel Erdely, head and CIO of Investcorp's absolute-return unit.
The teams from each firm have been merged and are based in New York, London and Milan, Mr. Gross said, noting that there are no plans to change the combined strategy and fund lineup. He declined to say whether personnel layoffs were part of the integration.
"Our joint venture will deliver meaningful benefits to our clients," Mr. Erdely said in a joint news release from Investcorp and Tages Group. "Together, we will be able to offer a broader array of absolute-return investment solutions across strategies and markets."
