Asset Management
M&A
The world’s largest and most sophisticated asset management firms regularly turn to Paul, Weiss’s Asset Management M&A Group for their most complex and pivotal transactions. Drawing on our premier M&A and investment funds teams, we seamlessly execute transformational mergers, acquisitions, GP stakes transactions, minority investments and strategic partnerships.
Paul, Weiss has been the go-to firm for asset managers since the early days of the industry, advising many of today’s leading investment firms since inception. As the industry and our clients have evolved, we have been there at every milestone, guiding them through dozens of industry-shifting deals and firm-defining decisions. We advise on all stages of growth and development, from initial firm launch through tactical investments and partnerships, to exits and succession planning.
Harnessing these decades-long relationships alongside our preeminent M&A capabilities, our Asset Management M&A Group is equipped to handle every critical area necessary for seamless execution of even the most complex asset management deals. Our clients know that they are working with the best legal minds in M&A, investment funds, finance, tax and executive compensation.
We pride ourselves on the diversity of our practice, representing stakeholders from all sides, including acquirers, sellers and management teams from both strategic companies and sponsors. Informed by our 360-degree perspective, we are efficient and effective in resolving the issues most important to our clients.
We regularly advise on all types of transactions, including:
- Mergers & Acquisitions: We represent some of the most sophisticated repeat buyers and sellers of asset management firms in domestic and cross-border transactions, including many acquisitions, mergers and majority investments that have transformed the industry.
- GP Stakes & Minority Investments: We work with numerous traditional and alternative asset managers on buying and selling minority investments and GP-stakes transactions.
- Spin-Ins & Spin-Outs: We advise sellers, financial institutions or management teams on transactions in which asset management businesses are sold by founders or parent companies or spun out of larger organizations.
- Seed Capital & Strategic Arrangements: We are known as one of the world’s leading seed practices. Our team includes experts in “seed and stake” transactions, who have advised both the providers of seed capital and start-up enterprises, giving us a holistic view of the transactional landscape and enabling us to negotiate the best terms for a successful partnership.
Law360 Practice Groups of the Year —
Asset Management and M&A
Recent
Experience
Recent Engagements
- Affiliated Managers Group in its sale of its equity interest in specialized digital infrastructure investment firm Peppertree Capital Management as part of TPG’s acquisition of Peppertree; and in AMG’s acquisition of a minority equity interest in Verition Fund Management, a global multi-strategy investment firm with $12.6 billion in assets under management
- Angelo Gordon in its $2.7 billion sale to TPG
- Apollo Global Management in its all-stock merger with Athene, a leading retirement services provider, in a transaction valuing Athene at approximately $43 billion
- Apollo Global Management in its cash-and-stock acquisition of Argo Infrastructure Partners and its all-stock acquisition of Bridge Investment Group
- Blackstone and its affiliates in dozens of strategic partnerships, minority investments and seed investments
- Brookfield Asset Management in its $1.5 billion strategic partnership with Castlelake
- Canyon Partners in its sale of a 19.9% stake in its business to Dai-ichi Life Holdings
- EagleTree Capital in its strategic minority investments from Misland Capital and Bullingham Capital and its investments from affiliates of AlpInvest Partners and Alberta Teachers’ Retirement Fund Board
- Fortress Investment Group in its acquisition of the non-digital real estate funds and related capital account assets of Colony Capital, representing approximately $2.7 billion in combined assets under management
- General Atlantic in its acquisition of Actis, an infrastructure fund with over $12 billion in assets under management and its acquisition of Iron Park Capital Partners to create General Atlantic Credit
- Hall Capital Partners, a registered investment advisor with over $45 billion in assets under management specializing in high-net-worth individuals and family offices, in its sale to Pathstone
- KPS Capital Partners in its sale of a minority interest to Dyal Capital Partners
- Oak Hill Advisors in its $4.2 billion sale to T. Rowe Price Group
- Oak Hill Capital in Wafra’s acquisition of a strategic minority interest in Oak Hill from an affiliate of Jefferies and in a strategic minority equity investment in Oak Hill by Stonyrock Partners
- Stonepeak in its acquisition of Boundary Street Capital, a specialist private credit manager
The head of our Asset Management M&A Group, David Hepp, and Matthew Collin have also advised:
- Affiliated Managers Group in numerous transactions, including its:
- sale of Veritable to Pathstone
- acquisitions of Parnassus Investments and Abacus Capital Group
- minority transactions in Ara Partners, Forbion, Peppertree Capital Management, Baring Private Equity Asia, Comvest Partners, Blue Mountain Capital, Garda Capital, Jackson Square Partners and OCP Asia
- American Equity Life Insurance Company in its strategic partnership with Pretium Partners, including its minority investment and future capital commitments
- Benefit Street Partners in its sale to Franklin Resources
- BlackRock in its $12.5 billion acquisition of Global Infrastructure Partners and its acquisitions of Kreos Capital; Citigroup’s Mexican asset management business; a minority investment in Circle Internet Financial; Infraestructura Institucional; the energy infrastructure funds business of First Reserve; Barclay Global Investors; and the combination of the Merrill Lynch investment management business with BlackRock
- Cetera Financial Group in its sale to Genstar Capital
- E*TRADE in its acquisition by Morgan Stanley in an all-stock transaction valued at $13 billion
- Foresters Financial in its sale of assets related to its U.S. asset management business, including First Investors mutual funds, to Macquarie Investment Management, and assets related to its U.S. broker-dealer and advisory business to Cetera Financial Group
- Janus Capital Group in its merger of equals with Henderson Group and its joint venture with Privacore Capital
- Lincoln Financial Group in its sale of its wealth management business to Osaic
- Neuberger Berman Group in the $12.5 billion combination of its Dyal Capital Partners division and Owl Rock Capital Group to form Blue Owl Capital
- Rithm Capital in its $700 million acquisition of Sculptor Capital Management
- Russell Investments in:
- a minority investment by Hamilton Lane and a related strategic partnership
- its $2.7 billion sale to the London Stock Exchange Group
- SSG Capital Holdings in its sale of controlling stake to Ares Management
- SunLife Financial in its acquisitions of InfraRed Capital Partners, Crescent Capital Group and Advisors Asset Management
- Tennenbaum Capital Partners in its acquisition by BlackRock
- Wells Fargo in connection with its $2.1 billion carve-out sale of Wells Fargo Asset Management and related legal entities to GTCR and Reverence Capital Partners
