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Alternative Market Briefing

European fund manager Azimut enters the U.S. market for private equity stakes

Monday, November 18, 2019

Laxman Pai, Opalesque Asia:

European fund manager Azimut, which manages about $65bn in assets under management, has launched Azimut Alternative Capital Partners (AACP) in New York to invest in general partner (GP) stakes of alternative managers specialized in the private markets space.

The Italy-based asset manager has tapped former Dyal Capital Partners executive Jeffry Brown to lead the new unit as chief executive. Brown helped found Dyal's business services platform, where he served as a managing director and spent five years leading.

The business plan aims at building the leading private markets strategic permanent capital solutions provider and business operator by acquiring minority stakes in alternatives asset managers.

AACP's focus is on the large and growing private capital firms, including managers of private equity, private credit, infrastructure and real estate portfolios, with an emphasis on firms with less than $3bn in assets.

AZ US Holding, Azimut US sub-holding company, will carry out the transaction, involving a 10-year business plan with call/put option rights aimed at partnering with alternatives asset management businesses in the sub $ 3bn AUM space, helping them achieve their greatest business potential.

In the base case of all the envisaged acquisitions, Azimut anticipates an investment of capital sufficient to achieve over $ 7 bn of pro-rata AUM (above $ 20bn of affiliated AUM) in the next 10 years.

The business plan also entail......................

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