Thirty five money management deals took place in the first quarter of 2022, up from 28 transactions in the first quarter of 2021.
Assets under management involved in the latest quarter's transactions totaled $811.4 billion, up 38% from $587.3 billion in the previous quarter.
In the first quarter, TPG with a $1.05 billion IPO target opened at $29.5 per share. Mackenzie Financial's parent IGM Financial agreed to purchase a 13.9% stake of China Asset Management Co. Ltd. for $898 million in cash.
Natixis Investment Managers agreed to sell its 11% stake in Fiera Capital through two transactions, and it also planned to sell its 50% stake in H2O Asset Management to management employees over the next six years. In 2020, French financial regulator Autorite des Marches Financiers ordered H2O AM to freeze some funds and suspend trading on some strategies that were tied to German financier Lars Windhorst.
EQT agreed to acquire $19.32 billion Baring Private Equity Asia for $7.42 billion with $1.64 billion in cash and EQT shares. With an annualized growth rate of 24% in private markets, EQT hopes the acquisition can help expand its business in Asia.
Brookfield Asset Management will acquire La Trobe Financial for $1.1 billion. River and Mercantile Group agreed to sell its remaining shares to AssetCo, which already owns 5.85% of the firm. Dyal Capital Partners agreed to pay $1 billion for a 13% stake in MBK Partners.
There also were 16 deals in the quarter that did not involve money managers.
Blackstone announced that Mileway, its European last-mile logistics company, agreed to recapitalize the business at $24 billion, which offers the existing Mileway investors choices to either retain, increase their shareholding or exit for cash. KKR & Co. agreed to pay $2 billion in cash to purchase a Japanese real estate investment trust from Mitsubishi Corp. and UBS Asset Management.
AustralianSuper will form a 50-50 joint venture with British Land and invest $380 million in its Canada Water Masterplan redevelopment project. Sequoia Capital and cryptocurrency manager Paradigm purchased a $1.15 billion minority stake in Citadel Securities. QSuper and Sunsuper's merger was finalized with a combined total AUM of $165.1 billion.
All information is based on transactions reported by Pensions & Investments’ global reporting staff.
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