Kudu Investment Management has acquired a minority stake in Gramercy Funds Management, a dedicated emerging markets investment firm.
Terms of the transaction were not disclosed, a Kudu Investment spokesman said.
Based in New York, Kudu is an independent provider of permanent capital solutions to asset and wealth managers.
The majority of the proceeds from the sale will be "reinvested into Gramercy's investment strategies, further aligning the firm with its limited partners," Kudu said in a news release Thursday.
Based in Greenwich, Conn., Gramercy manages about $5.4 billion for global clients in emerging markets strategies, including multiasset, private credit, public credit and special situations, the release added.
Since 2018, Kudu has acquired minority stakes in 18 asset and wealth managers based in the U.S., Canada, U.K., and Australia, the release said. Kudu-affiliated asset and wealth managers now collectively manage more than $70 billion on behalf of individual and institutional investors worldwide in traditional and alternative strategies.
"This transaction will allow us to infuse additional capital into our investment strategies as well as bolster our balance sheet at an opportune time for the firm and our investors," said Robert Koenigsberger, Gramercy founder, managing partner and chief investment officer, in the release.
