Investcorp and Tages Group have merged their absolute-return businesses to form an equal stake joint venture (JV).

Under the agreement, Investcorp’s Absolute Return Investments (ARI) business will be combined with Tages’ absolute return arm Tages Capital.

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The JV will operate under the name Investcorp-Tages and have over $6bn in assets, including multimanager portfolios including hedge funds, private debt, impact investing, thematic strategies, seeding and acceleration partnerships, thematic special opportunity portfolios, among others.

Tages CEO and founding partner Panfilo Tarantelli said: “We are confident that our combined strengths will accelerate our objectives to drive growth.

“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.”

The deal is said to be ideal in expanding the client relationships opportunities of the two parties concerned as they do not have client overlap.

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Existing management of the two firms will be in charge of the new JV.

They include Investcorp ARI business head and CIO Lionel Erdely and Tages Capital founding partner and CIO Salvatore Cordaro.

Investcorp co-CEO Rishi Kapoor also welcomed the alliance, calling the two firms “highly complementary with similar core values”.

Kapoor noted: “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.”