Industry Updates

Oakum Bay Capital receives strategic minority investment from White Mountains

Tuesday, July 24, 2012

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Opalesque Industry Update: Oakum Bay Capital, a New York-based alternative investment firm formerly known as KVO Capital Management, today announced that it has agreed in principle to a strategic minority investment by White Mountains Insurance Group (NYSE: WTM). This investment will allow Oakum Bay to accelerate its strategic plan of adding key personnel and upgrading its infrastructure to better serve its investors. White Mountains also will make an investment in the Oakum Bay funds, making them one of the largest investors. The size and terms of the minority investment were not disclosed.

As part of the agreement, Oakum Bay Capital Chairman, Kernan “Kip” Oberting, will rejoin White Mountains where he worked from 1995 to 2004. Oberting will serve as a senior partner at White Mountains, overseeing the Oakum Bay investment and pursuing strategic opportunities for White Mountains. He also will retain his role as Chairman of Oakum Bay.

Brooke S. Parish, President and Chief Executive Officer of Oakum Bay Capital, said, “Securing a strategic relationship with a prominent financial firm like White Mountains is a significant step in Oakum Bay’s efforts to attract institutional investors and build an enduring, high-quality investment firm. I look forward to White Mountains’ continued support and to ongoing, close collaboration with Kip in his role as Chairman of our firm.”

White Mountains Chief Executive Officer Ray Barrette said, “White Mountains has a long history of investing in boutique investment firms. Through our relationship with Oakum Bay, we are aligning ourselves with a group of investment professionals whom we hold in high regard.”

Oberting added, “White Mountains’ institutional sponsorship and investment as a limited partner will allow the Oakum Bay investment team to take advantage of opportunities in the marketplace. My role at White Mountains also will allow me to continue to contribute to Oakum Bay’s success.”

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