Pavilion Financial Corp. has acquired Sacramento-based investment consulting firm LP Capital Advisors, according to Martin Weinberg, chairman and CEO of Pavilion Financial.
The financial terms of the transaction, which is expected to close in a few days, were not disclosed.
LPCA provides professional services to institutions investing in various alternative asset classes, particularly private equity. The 30-person LPCA team serves clients from three office locations, in Sacramento, Boston and Salt Lake City.
Donn Cox, founder and CEO of LPCA, will continue to lead LPCA as president and managing director. Allen Waldrop, currently a partner of the firm, will lead LPCA's private equity advisory team as managing director, private equity. Both Mr. Cox and Mr. Waldrop have become shareholders of Pavilion Financial Corp., as will several other employees of LPCA.
Mr. Weinberg said in a phone interview that this acquisition is part of Pavilion's goal to augment its alternatives — and in particular private equity — services.
“We're looking for pieces to a puzzle. We wanted to add these 30 people to our company to help expand our alternatives offerings,” he said, adding that there are no plans to reduce staff within LPCA.
LPCA will maintain its name on a co-branded basis with Pavilion for the near-term, with a Pavilion brand name to be established in the future.
LPCA's clients include public pension plans, sovereign wealth funds, high-net-worth individuals, family offices and other organizations that typically deploy up to $5 billion annually into alternative assets.
Pavilion offers investment consulting for institutional investors through Pavilion Advisory Group.