Multiboutique money manager Pacific Current Group purchased a minority stake in private equity manager Proterra Investment Partners, said Trent Erickson, chief operating officer-North America, at Pacific Current.
The agreement calls for Pacific Current to make an initial investment of $20.5 million and additional consideration for up to $9.5 million pending certain "earnout" provisions, according to a news release from the New South Wales, Australia-based firm. Pacific Current receives 8% of all Proterra revenues and is entitled to 16% of sale proceeds of the firm in the event of a sale, Mr. Erickson said. The transaction closed Sept. 20.
Proterra was formed in 2015 as one of three employee-owned spinoffs from Black River Asset Management.
Proterra offers private equity investments focusing on agriculture, food, and metals and mining, the news release said. The firm has $3 billion in assets under management.
Pacific Current has more than $50 billion in AUM.
Proterra officials could not be immediately reached to provide further information.
