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Laxman Pai, Opalesque Asia:

Investcorp, a provider and manager of alternative investment products, has agreed to acquire a 100% stake in the institutional capital raising and investment adviser Mercury Capital Advisors in a bid to boost its alternatives investment advisory capabilities.

As part of the transaction, Mercury will remain an independent business operating under its current leadership team, said a press release from Investcorp , which has $22.5bn in total AUM.

Terms of the transaction were not disclosed, and subject to receipt of relevant external approvals the transaction is expected to close in the third quarter of 2019.

Founded in 2009 by Michael Ricciardi, Alan Pardee and Enrique Cuan, Mercury has closed over $170bn in fund commitments since 2003, when the Mercury team was at Merrill Lynch, and maintains relationships with over 2,500 institutional investors across the globe.

"Our partnership with Mercury is completely in line with Investcorp's long-term strategy and our mission to serve investors worldwide with an array of attractive opportunities in alternative investments," said Mohammed Alardhi, executive chairman of Investcorp.

"We have known the Investcorp team for many years and believe they are the right partners with whom we can expand our capabilities," said Michael Ricciardi, CEO, managing partner and co-founder of Mercury.

"We are particularly excited about what this partnership means for Mercury's outsourced CIO ......................

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