The Capital Partnership intends to acquire Northgate Capital, a private equity and venture capital firm with about $4.8 billion in assets under management, a TCP spokeswoman said in an e-mail.
Terms of the deal, which is pending regulatory and other approvals, are not being disclosed. The transaction is expected to close early in the second half of 2016.
The Capital Partnership is acquiring Northgate from Religare Enterprises, a New Delhi-based financial services firm that acquired a majority interest in Northgate in 2010, and certain members of Northgate’s management team, which also have stakes in the firm.
Already, TCP’s managed funds collectively represent one of the largest investors in Northgate’s funds.
The proposed acquisition is expected to build on TCP’s venture capital and private equity portfolio, which currently accounts for roughly 25% of its total assets under management and reinforces its commitment to the U.S. market, the London-based manager said in a news release.
TCP currently has several billion dollars in assets under management. A spokeswoman declined to provide an exact figure.
Danville, Calif.-based Northgate will retain its name, investment and operational independence. Hosein Khajeh-Hosseiny will continue to lead Northgate as managing partner and CEO. Ali Ojjeh, managing partner at TCP and a member of Northgate’s limited partner advisory board, will become chairman of Northgate and a member of Northgate’s investment committee.