Mubadala Investment Co., the sovereign wealth fund of Abu Dhabi, agreed to acquire Verno Capital's private equity advisory unit in efforts to strengthen money management capability across Russia and former Soviet Union economies, said a spokesman.
Verno, which has more than $1 billion in discretionary assets under management across public and private equity, focuses on Russia and the Commonwealth of Independent States region.
Upon completion of the transaction, Verno will remain an investment management firm with actively managed public equity funds and private equity funds, the spokesman said. The value of the deal was not disclosed, the spokesman added.
Mubadala, as a major shareholder and investor in Verno Capital, has been deploying capital across its funds and using its investment advisory unit's services to support transactions with other partners in the region since 2010, the $126.7 billion wealth fund said in a news release.