Key Takeaways
- • New Holland Capital (NHC), a New York-based multi-strategy investment manager with more than $8.3bn in absolute return strategies, has acquired a majority stake in Foundation Credit, a US municipal credit and infrastructure debt manager.
- • NHC will also invest directly in Foundation's municipal credit and infrastructure debt strategies, alongside the majority acquisition.
- • Foundation chief executive Hector Negroni will continue to lead the firm and retain control of day-to-day operations and investments.
- • NHC and strategic partner AGF Capital Partners plan to pool resources to support distribution and product development for Foundation's strategies.
- • The deal builds on a relationship between the two firms that dates back more than a decade.
Summary
New Holland Capital (NHC), a New York-based multi-strategy investment manager, has acquired a majority stake in Foundation Credit, an alternative asset manager focused on US municipal credit and infrastructure debt. According to the firms, the transaction is accompanied by an NHC investment in Foundation's municipal credit and infrastructure debt strategies. The deal builds on a relationship between the two firms stretching back more than a decade.
NHC manages more than $8.3bn in absolute return strategies for institutional clients, with a particular focus on multi-strategy hedge funds and private credit. Under the new partnership, NHC and its strategic partner AGF Capital Partners are expected to pool resources to support distribution and product development for Foundation's strategies. NHC will also help broaden Foundation's product range, the firms said. NHC chief executive Scott Radke said the firm looks forward to expanding its platform by partnering with Foundation to grow its footprint among global institutional investors.
Foundation, founded in 2012, manages capital for institutional investors including pensions, endowments, foundations, insurance companies and family offices. Chief executive Hector Negroni will continue to lead the firm and retain control of its day-to-day operations and investments. Negroni described NHC's reputation and acumen within the alternative asset universe as pivotal to executing Foundation's vision of bridging global institutional investors and the fragmented opportunity set in US infrastructure debt and municipal credit.
The publisher's context also notes that AGF has increased its economic ownership of NHC to 50%, and that NHC began as an investment adviser for Dutch pension plans before spinning off. Transaction terms, including the purchase price, were not disclosed in the source material reviewed.
NHC manages more than $8.3bn in absolute return strategies for institutional clients, with a particular focus on multi-strategy hedge funds and private credit. Under the new partnership, NHC and its strategic partner AGF Capital Partners are expected to pool resources to support distribution and product development for Foundation's strategies. NHC will also help broaden Foundation's product range, the firms said. NHC chief executive Scott Radke said the firm looks forward to expanding its platform by partnering with Foundation to grow its footprint among global institutional investors.
Foundation, founded in 2012, manages capital for institutional investors including pensions, endowments, foundations, insurance companies and family offices. Chief executive Hector Negroni will continue to lead the firm and retain control of its day-to-day operations and investments. Negroni described NHC's reputation and acumen within the alternative asset universe as pivotal to executing Foundation's vision of bridging global institutional investors and the fragmented opportunity set in US infrastructure debt and municipal credit.
The publisher's context also notes that AGF has increased its economic ownership of NHC to 50%, and that NHC began as an investment adviser for Dutch pension plans before spinning off. Transaction terms, including the purchase price, were not disclosed in the source material reviewed.
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