INVL Asset Management, a subsidiary of investment management firm INVL Group, has reached a deal to buy the remaining shares in private debt fund manager Mundus for an undisclosed sum.
Mundus currently oversees the private debt fund Mundus Bridge Finance, which offers bridge financing to various projects and invests in private placement debt securities of firms in the alternative finance industry.
Since its inception in 2015, Mundus Bridge Finance has concluded 18 transactions.
INVL Group private equity head Vytautas Plunksnis said: “We appreciate the work of Mundus partners and the entire team in the private debt market, and we are moving into a new phase of the company’s development.
“Following the transaction, private debt will become one of INVL Group’s strategic asset classes.”
As part of the new deal, INVL Asset Management will buy the shares from Mundus partners Audrius Mozūras and Martynas Grikinis.
Both Mozūras and Grikinis own 24.5% shares each in the fund manager.
Since February 2018, INVL Asset Management has been holding a majority stake in Mundus. Currently, the firm has a 51% stake in Mundus.
Once the latest deal receives approval from Bank of Lithuania, former director of venture capital fund CoInvest Capital Viktorija Vaitkevičienė will become the CEO of the newly consolidated firm.
Vaitkevičienė will succeed A. Mozūras, who will exit Mundus, while Mundus Bridge Finance fund manager M. Grikinis will continue to play an active role in the firm.
In January last year, INVL Asset Management announced the launch of its INVL Alternative Investment Fund for retail investors.