Spanish insurer Mutua Madrileña has picked a 20% interest in alternatives firm Alantra Asset Management for €45m.
The infusion from Mutua will be used to fund the alternative firm’s organic and inorganic growth.
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The deal, which awaits the nod of the Spanish watchdog CNMV, also includes an earn-out of up to €11.2m.
Commenting on the deal, Mutua Madrileña chairman Ignacio Garralda said: “This agreement responds to Mutua’s 2018-2020 Strategic Plan, which intends to diversify its investments and grow its wealth management business as one of its key pillars.
“This is the fourth transaction carried out by Mutuactivos in the asset management segment in the last 12 months, being able to position itself as the first independent firm Spain with over €7.8bn in assets under management.”
Moreover, the two parties will contribute €50m each to develop a new investment pool, which will focus on investing in products run by Alantra Asset Management.
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By GlobalDataAlantra executive chairman Santiago Eguidazu said: “This transaction strengthens our value proposition to investors by significantly scaling, internationalising and diversifying our alternative asset management business.”
Alantra Asset Management provides exposure to various investment strategies including direct investments, fund of funds, co-investments, and secondaries.
The business covers private equity, active funds, private debt, infrastructure, real estate as well as venture capital.
