Mitsubishi Corp. will buy a 70% stake in private equity consultant PCG Asset Management, which will be renamed TorreyCove Capital Partners, David Fann, president and CEO of PCG Asset Management, said on Thursday.
PCG Asset Management will have the remaining ownership stake, Mr. Fann told trustees of the $37.4 billion Illinois Teachers’ Retirement System at a meeting in Springfield.
As part of the deal, Christopher Bower, founder of PCG Asset Management’s parent, Pacific Corporate Group, will have his stake in the firm bought out, Mr. Fann said.
The deal will close in a “couple of weeks,” Mr. Fann said in an interview after his presentation. He said terms are not being disclosed.
TorreyCove will operate independently and will keep its La Jolla, Calif., headquarters.
No changes in staff will be made, he added.