Affiliated Managers Group (AMG) and the management team of Jackson Square Partners have acquired the minority equity stake in San Francisco-based investment manager Jackson Square held by Macquarie Investment Management.
Jackson Square’s partners will retain a “significant majority” of the firm’s equity.
Financial details about the deal, including the size of the stake, were not disclosed.
Jackson Square focuses on long-only, growth-oriented equity strategies and serves institutional clients and consultants worldwide.
At the end of September 2020, the company oversaw around $24bn across large-cap growth, global growth, smid-cap growth, and small-cap growth discretionary and non-discretionary assets.
AMG president and CEO Jay Horgen said: “We are very pleased to have the opportunity to partner with Jackson Square, as we have tremendous respect for the high-quality business built by an outstanding management team, led by Jeff Van Harte.
“Having known the senior partners for over 15 years, AMG has developed a unique relationship with this team and closely followed the evolution of their business – and when the time was right for the firm to choose a permanent partner, the team chose AMG.
“With the firm’s investment-centric culture and focus on concentrated strategies, Jackson Square has strong forward growth prospects.”
Jackson Square chairman and CIO Jeffrey Van Harte added: “The preservation of our firm’s entrepreneurial culture of debate and collaboration is essential to our clients and team, and we are excited to work with AMG as we continue to grow the business and consistently deliver superior outcomes for clients.”
AMG, which makes equity investments in boutique investment managers, supports its affiliates on strategy, marketing, distribution, and product development.
In 2016, AMG agreed to buy minority equity interests in five alternative investment firms from Petershill Fund I- Goldman Sachs’ alternative asset management unit- in a deal worth about $800m.