Northern Lights Ventures, an investor in money management teams, acquired a minority stake in Raven Capital Management, a private equity firm focused on credit investment opportunities, said Paul Greenwood, a managing director with Northern Lights.
Terms arent being disclosed.
In a telephone interview, Mr. Greenwood said Raven Capital, founded in 2008 by a team of Merrill Lynch structured finance professionals led by Josh Green, already has a successful advisory business helping clients deal with distressed portfolios or situations involving redemptions or capital calls, and is in the process of raising its first private equity fund.
In a separate telephone interview, Mr. Green said Raven is looking to raise $250 million for its credit opportunity fund.
Raven becomes the 10th portfolio company for Northern Lights own $70 million private equity fund.