Alternative investment giant KKR & Co. has entered into an agreement to acquire a minority stake in multistrategy life sciences investment firm Catalio Capital Management.
The amount of the stake was not disclosed in an Oct. 17 news release announcing the agreement. The new capital from KKR is expected to accelerate Catalio Capital's growth trajectory and talent acquisition, and anchor its investment strategies, the news release said.
Once the acquisition of the minority stake is completed, a new board of advisers for Catalio Capital will be created. Chaired by Henry Kravis, KKR's co-founder and co-executive chairman, the board will "help guide the strategic growth of the business," according to the release.
George Petrocheilos and R. Jacob Vogelstein, Catalio Capital's co-founders and managing partners, will continue to own the controlling stake in the firm, and day-to-day operations and management will not change.
"The life sciences sector represents a growing market opportunity and has been an important area of focus for our healthcare growth strategy, which will be further accelerated through our partnership with Catalio," said Ali Satvat, partner, co-head of Americas healthcare and global head of healthcare strategic growth at KKR, in the release. "We are impressed not only by Catalio's entrepreneurial leadership team but also by its vast network of leading scientists who serve as venture partners. We look forward to supporting Catalio in taking the platform to the next level and unlocking the next generation of biomedical technology."
KKR has committed more than $20 billion to the healthcare sector since 2004, the release said.
As of June 30, KKR had $519 billion in assets under management. The AUM for Catalio was not provided.
