Two alternative investment managers, Bahrain-based Investcorp and the European Tages Group, are to merge their absolute return businesses.
The two firms will set up a 50/50 joint venture (JV) comprising Tages Capital and Investcorp’s Absolute Return Investments, which will be named Investcorp Tages Limited.
According to the two firms, the new entity will combine their shared investment expertise and complementary footprints. It will also create an absolute return platform with global reach and more than $6 billion in assets, including customised portfolios, hedge fund seeding and multi-manager portfolios in private debt and other alternative asset classes.
The new business will be jointly led by Lionel Erdely, Investcorp’s chief investment officer, and Salvatore Cordaro, founding partner and chief investment officer of Tages Capital.
“We believe that the JV with Tages will be optimally positioned for accelerated growth serving the evolving needs of investors for absolute return investments in the post-Covid landscape, with an expanded geographic footprint, deeper bench of talent and enhanced scale,” said Rishi Kapoor, co-chief executive of Investcorp.
“The availability of additional resources, a global reach and access to multiple pools of capital will enhance our ability to offer decorrelated returns in the current volatile market environment and respond to the challenges of the new world which will emerge as a consequence of the Covid crisis,” said Panfilo Tarantelli, chief executive and founding partner of Tages.
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