Radcliffe Group, a $3.5 billion private credit hedge fund, sold a minority stake to Kudu Investment Management, a capital provider for asset and wealth management firms, said Steve Katznelson, Radcliffe co-founder and CIO.
Terms of the deal and size of the minority stake are not being disclosed.
"This is a step toward institutionalizing Radcliffe and assisting with our plan to elevate more senior people in the firm" without giving up control of the firm, Mr. Katznelson said.
Roughly half of Radcliffe's AUM is from family offices.
Though not a primary reason for entering into the transaction, "Kudu is extremely well connected in insurance industry and elsewhere," Mr. Katznelson noted.
Radcliffe's strategies include short and ultra-short duration bonds, business development company bonds and special purpose acquisition company portfolios.
"Our investment in Radcliffe represents a terrific opportunity to diversify our portfolio," said Rob Jakacki, CEO of Kudu in a joint news release.
Kudu has made investments in 19 money management and wealth management firms in the U.S., Canada, U.K. and Australia. White Mountains Insurance is Kudu's capital backer.
