Pacific Current Group, an Australian multiboutique asset management firm, has entered into an agreement to acquire a 24.9% minority stake in Avante Capital Partners, a women- and minority-owned private credit and structured equity manager.
The deal worth up to $40 million — with $15 million paid at closing, $13 million paid one year after closing and up to an additional $12 million subject to growth milestones — will not affect Avante Capital's strategies or day-to-day operations, and the firm will continue to be overseen by its founders and principals, according to a Sept. 19 news release from Pacific Current. The deal is expected to close by the end of September.
Avante Capital was founded in 2009 by Jeri Harman, now its chairperson, and has invested almost $1 billion in capital since its inception, according to the news release.
"We couldn't be more excited to enter into a partnership with Avante," said Paul Greenwood, CEO and CIO of Pacific Current, in the news release. "The firm's leadership team is truly exceptional and has built a culture that drives an investment sourcing engine that gives the firm a powerful competitive advantage."
Officials at both firms could not be immediately reached for further information.