|
Dubai: Istithmar World Capital, the private equity and alternative investment arm of Istithmar World, yesterday said it has agreed to acquire a majority stake in Gulf Stream Asset Management, a leading US-based institutional asset manager.
Gulf Stream currently manages approximately $3.8 billion of corporate credit portfolios for global institutional investors.
Under the terms of the agreement, the remainder of the business will continue to be owned by Gulf Stream Asset Management's founder and chief executive officer, Mark Mahoney, and his team.
"Our investment in Gulf Stream comes in line with Istithmar World's strategy to expand beyond our core focus on private and alternative equity investing into credit and credit-related investment activities," said Adel Al Shirawi, vice-chairman of Istithmar World.
David Jackson, chief executive officer of Istithmar World Capital, said: "The current conditions in the credit market provide a good window of opportunity for growth. Istithmar World is well poised to capitalise on this growth opportunity by partnering with Gulf Stream whose investment experience and judgment in credit related vehicles will be an invaluable asset.
This investment supports Istithmar World's strategy of unlocking growth and expansion potential in credit-related investment activities, as it continues to broaden its private equity initiatives."
Lehman Brothers serves as financial adviser to Istithmar World Capital. Established in 2003, Istithmar World Capital is a Dubai World company with $6 billion worth of assets under management (AUM). Since inception, Istithmar World Capital has invested in over 35 companies, with an aggregate enterprise value of $9 billion.
|
