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Founded in 2011, Tourmaline Partners provides tailor-made services to more than 300 institutional investor clients including hedge funds and asset managers of all sizes. Through continuous investment in technology and human capital, a singular focus on trading, and non-competitive relationships with more than 400 global brokers, Tourmaline provides clients with access to unparalleled liquidity, market intelligence and customized workflows for defining, measuring and achieving best execution.

The company is headquartered in Stamford, Connecticut, with additional offices in London and Sydney. The investment will enable Tourmaline to pursue new technologies and grow even faster into new geographies and asset classes to meet increasing client demand.

"We have followed Tourmaline closely for several years and have been impressed with their long-term vision and global expansion," said Peter Trovato, Managing Partner at Copley Equity Partners. "Tourmaline has captured lightning in a bottle, as changes across the trading landscape - from MiFID II-driven unbundling, to liquidity fragmentation and cost pressures - have led the buy side to seek outsourced and supplemental trading solutions to gain efficiencies and improve trading performance."

"Building Tourmaline has been a labor of love, and we wanted to choose a partner that could get us to the next level without compromising our unique business model," said Aaron Hantman, Tourmaline CEO and founding partner. "Since Copley Equity is a private family office with no brokerage-related services of its own, or investments in any brokerage firms, Tourmaline can continue to grow while remaining 100% conflict-free with the broad range of sell-side firms we trade with. We look forward to a close collaboration with Copley as we grow our business and continue to do great things for our clients."

Trovato continued: "Tourmaline's unique business model has led to tremendous growth and has made them a recognized leader in outsourced trading. The extensive experience of its traders, and the tremendous amount of time and resources the founders have put into the company, have enabled Tourmaline to provide clients unprecedented help in sourcing liquidity, trading across regions, and achieving best execution and costs savings. We are delighted that Tourmaline, whose business, management team and employees we believe in, has chosen to partner with Copley, and we look forward to helping them execute on their strategic vision."