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Alternative Market Briefing

Azimut Alternative Capital to buy a stake in U.S. private credit investment manager Pathlight

Tuesday, July 27, 2021

Laxman Pai, Opalesque Asia:

European leading asset manager Azimut Holding said that its U.S. subsidiary Azimut Alternative Capital Partners (ACCP) had struck a deal to buy a minority stake in U.S. private credit investment manager Pathlight Capital.

The terms of the deal were not disclosed. But the companies revealed that there would be no changes to Pathlight's strategy or management as a result of the agreement.

According to a press release from the Italian asset manager, ACCP will take a stake of about 20% in the asset-based lender in Boston and provide permanent capital in the future. ACCP was set up in 2019 to buy stakes in private-market-focused alternative asset managers and providing them with permanent capital to grow and reach their greatest business potential.

Headquartered in Milan, Azimut has $90 billion in assets under management. It operates in public, private, and emerging markets, with 37% of total assets from overseas. Azimut Group CEO Gabriele Blei said in the release that with nearly $14 billion under management, the U.S. has become the largest market for Azimut outside of its domestic operations.

According to the release, Pathlight Capital is a private credit investment manager dedicated to meeting the needs of companies that operate across a broad range of industries by providing asset-based loans secured on a first or second lien basis against tangible and intangible assets.

Pathlight, which currently manages $1.4 billion of commi......................

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