Victory Capital Management reached a definitive agreement to acquire Austin Capital Management, a hedge fund of funds firm, said Robert L. Wagner, president and CEO of Victory Capital. The deal will add $900 million in hedge fund assets to the $56 billion Victory managed as of Dec. 31. Terms have not been disclosed, said Victory Capital spokesman Ron Petrie. The transaction is expected to close by March 31, according to a news release.
Austin Capital, founded in 1993, offers four hedge fund-of-fund strategies: the equity-focused All Seasons Fund; the debt-oriented Safe Harbor Fund; the Multi-Strategy Fund, which offers a blend of the previous two; and the Next Generation Fund, which invests in new and emerging hedge funds.
