Investcorp has agreed to acquire a 100% stake in Mercury Capital Advisors in a bid to boost its alternatives investment advisory capabilities, a spokeswoman said Thursday.
As part of the transaction, expected to close in the third quarter, Mercury will remain an independent business operating under its current management, a joint news release said. Terms of the deal were not disclosed.
Mercury specializes in direct deals and co-investments, joint ventures and secondary transactions, as well as consulting services for general partners, and has closed more than $170 billion in fund commitments.
"Our partnership with Mercury is completely in line with Investcorp's long-term strategy and our mission to serve investors worldwide with an array of attractive opportunities in alternative investments," said Mohammed Alardhi, executive chairman of Investcorp, in the news release.
"We have known the Investcorp team for many years and believe they are the right partners with whom we can expand our capabilities," said Michael Ricciardi, CEO, managing partner and co-founder of Mercury, in the release. "We are particularly excited about what this partnership means for Mercury's outsourced CIO platform and partnerships with other asset managers and family offices."
Investcorp has $22 billion in assets under management as of Sept 30.