Manulife Investment Management (IM) has acquired a minority stake in Albamen Capital Partners (Albamen), a Hong Kong based private equity infrastructure investment manager.
The acquisition provides Manulife IM with infrastructure private equity capability in the Asia Pacific region.
With more than 20 full-time employees in Guangzhou, Shenzhen, and at its headquarters in Hong Kong, Albamen primarily focuses on renewable energy and digital infrastructure in China.
The acquisition agreement also includes an option that will enable Manulife IM to acquire a majority stake in Albamen in future.
Manulife IM Asia Private Markets head Myron Zhu said: “Albamen adds a key, in-demand Chinese onshore infrastructure investment capability to our robust private markets team globally.
“Having invested for leading Chinese banks and insurers, the Albamen management team is highly regarded as a unique institutional-quality infrastructure fund manager with dedicated and proven on-the-ground investment and operational capability in China.
“We are pleased that the ‘go-to’ local experts in China Infrastructure market are now part of Manulife Investment Management’s Private Markets team.”
Albamen founder and managing partner Raymond Fung said: “We are excited to join forces with Manulife Investment Management and become part of their strong global infrastructure and private markets capability.
“We look forward to gaining global reach for Albamen and at the same time adding to Manulife’s capabilities in the high-growth China market.”
Headquartered in Toronto, Canada, Manulife IM is the wealth and asset management arm of Manulife Financial.
As of 30 June 2020, Manulife IM had C$900bn ($660bn) in assets under management and administration.
Earlier this year, the company acquired 49% stake in Mahindra Asset Management Company (Mahindra AMC) for $35m.