Schroders sold its entire 41% equity stake in RWC Partners back to the firm, said Dan Mannix, CEO of RWC, in a telephone interview Tuesday.
Terms of the deal were not disclosed. Following the transaction, RWC Partners sold a 27% stake to private equity firm Lincoln Peak Capital, Mr. Mannix added.
Mr. Mannix said Schroders, which held the company for nine years, supported the change; RWC Partners' management retains a 14% stake. He added that the firm found a new partner in Lincoln Peak Capital, which will supply permanent capital.
"This transaction and commitments made by various parties preserves RWC's successful business model and improves the alignment between all of RWC's stakeholders, positioning the company for long-term stability and continued success," said Seth W. Brennan, co-founder and managing partner of Lincoln Peak, in a joint news release.
RWC Partners had $18 billion in assets under management as of Sept. 30.
A Schroders spokesman confirmed the deal but declined to comment further.
