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Laxman Pai, Opalesque Asia:

Alternative investment firm Ares Management Corp. has agreed to buy private-markets specialist Landmark Partners from BrightSphere Investment Group for $1.08 billion.

As part of the deal, Ares will buy the 60% stake BrightSphere owns as well as the 40% interest held by the Landmark management team. Ares has also agreed to acquire BrightSphere's co-investments in Landmark funds, which were valued at roughly $34 million as of Dec. 31.

The global alternative investment manager said in a press release that the transaction is valued at $1.08 billion, including approximately $787 million in cash and approximately $293 million in Ares Operating Group Units, in each case subject to certain adjustments.

With 150 employees across six global offices, Landmark manages private equity, real estate, and infrastructure secondaries funds totaling $18.7 billion in assets under management as of December 31, 2020.

"Supported by a global, institutional investor base of more than 600 fund investors, Landmark is viewed as a trusted and innovative counterparty in developing flexible transaction solutions to an extensive roster of financial sponsors and institutional investors," said the release.

Michael Arougheti, Chief Executive Officer and President of Ares said: "We believe secondary investments are only increasing in their appeal to a growing group of investors and we are excited to include these strategies in our comprehensive alternatives......................

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