Lovell Minnick Partners, a private equity firm, is taking a minority stake in hedge fund manager 361 Capital, said W. Bradford Armstrong, principal with Lovell Minnick Partners.
Financial terms and the size of the stake are not being disclosed.
“Lovell Minnick Partners' interest in 361 Capital is based on a combination of an excellent management team and a significant opportunity in developing liquid alternatives products for registered investment advisers and other investors,” said Jeffrey Lovell, chairman of Lovell Minnick Partners.
361 Capital offers liquid alternative investments, specializing in managed futures, long/short equity, multistrategy and global macro strategies in mutual funds, limited partnerships and separate accounts.
It is currently in the midst of a growth strategy to add new funds by partnering with hedge fund managers and managers of alternative mutual funds that will subadvise the new funds. The firm also plans to expand its distribution channel focusing on reaching registered investment advisers.
Lovell Minnick Partners has raised more than $1.1 billion for its private equity partnerships, and 361 Capital has more than $650 million in assets under management.