Fidelity International agreed to acquire a minority stake in private equity investment platform Moonfare in a move to boost its private markets capabilities, a spokesman confirmed.
Terms of the deal and the size of the stake were not disclosed, the spokesman said.
Starting in April, strategies available on the Moonfare platform will be marketed to Fidelity's current and prospective wholesale and institutional clients.
The move boosts Fidelity's private markets offering, initially for clients in Germany, Switzerland, Italy, France and Austria, the firm said in a news release Monday. At a later stage it will also cover other markets.
"Our partnership with Moonfare and its market leading open-architecture platform, combined with the recent introduction of a new private credit team, provides a strong foundation for future growth plans in real assets and private markets," Andrew McCaffery, global CIO at Fidelity International, said in the release.
The firm entered the private credit market with a team liftout from digital pan-European bank MeDirect Bank in January.
Steffen Pauls, CEO and founder of Moonfare, added in the release: "Since inception, we have been connecting our clients, some of the most sophisticated investors in the world, with top private markets funds. Fidelity's clients and team will fit perfectly into this group going forward."
Christian Staub, managing director Europe at Fidelity International, will join Moonfare's advisory committee as part of the agreement.
Fidelity International has $706.3 billion in assets under management. Investments made through Moonfare's platform amount to €500 million ($596 million). Moonfare has 30 funds on its platform sized between $119 million and $15 billion.