Investcorp's strategic capital group has taken a minority stake in $7.3 billion private equity manager Banner Ridge Partners, a joint news release said.
Terms of the deal are not being disclosed.
The proceeds from the investment will be used to supply Banner Ridge with growth capital, the release said . Banner Ridge closed its most recent secondary market fund, Banner Ridge Secondary Fund V, at its hard cap of $2.15 billion. In August, Banner Ridge had closed on $639 million for Banner Ridge DSCO Fund II, a special situations fund targeting commitments to private equity funds, co-investments and early secondaries.
Investcorp's strategic capital group makes minority investments in alternative investment managers and has $1.3 billion in assets under management, according to an Investcorp spokesman.
"This partnership with Investcorp comes at an exciting time for Banner Ridge as we seek to … execute upon investment opportunities across distressed, special situations and credit strategies in a market environment that our firm was built to thrive in," said Anthony Cusano and C.J. Driessen, co-founders of Banner Ridge, in the news release.
Investcorp's strategic capital group becomes a passive, nonvoting partner in Banner Ridge. There will be no changes to Banner Ridge's team, strategy, investment process or day-to-day management and operations, the release said.
Investcorp has $50 billion in assets, including assets managed by third party managers.
