British asset manager The Capital Partnership has agreed to fully acquire US-based Northgate Capital from Religare and members of Northgate’s management team for an undisclosed amount.
Venture capital and private equity firm Northgate managed $4.8bn in assets under management (AUM) as of 1 April 2016 on behalf of institutional and private investors in North America, EMEA and Australia.
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Indian diversified financial services group Religare purchased majority stake in Northgate in 2010.
The acquisition will see Northgate retaining its investment and operational autonomy as distinct from The Capital Partnership.
Ojjehsaid: "The Capital Partnership has a successful 18 year track-record in venture capital and private equity investments, which is highlighted by our existing 12-year relationship with Northgate. Technology remains a significant driver of global economic output and growth and we believe that expanding our commitment to Northgate will help our investors capitalize on the growth opportunities in one of the world’s major hubs for innovation and entrepreneurship."
Khajeh-Hosseiny said: "We are excited to expand our collaboration with The Capital Partnership, which manages funds with longstanding investments in our (Northgate) funds. Since purchasing its ownership stake in 2010, Religare has made tangible contributions to our institutionalization and the growth of our network beyond the US.
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By GlobalData"With a strong understanding of Northgate, global technology and capital markets as well as investors in start-ups and funds, The Capital Partnership is well-suited to help us build on our growth and network to fully realize our potential as a strong, long-term, value-creating platform for our ecosystem of partners."
Additionally, The Capital Partnership managing partner Ali Ojjeh is expected to assume the additional role of chairman of Northgate. Northgate management committee member Hosein Khajeh-Hosseiny will continue to act as managing partner and as CEO.
In their new role, Ojjeh and Khajeh-Hosseiny will participate as members of the Northgate Investment Committee alongside Northgate co-founders Brent Jones and Thomas Vardell.
