GQG completes M&A to form Private Capital Solutions division

GQG Partners Pacific Current Group M&A private capital

20 May 2024
| By Laura Dew |
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GQG Partners has completed the acquisition of the minority interests held by Pacific Current Group in three affiliates which will mark its first foray in private markets.

It was announced in March that the firm would be acquiring minority interests in Avante Capital Partners, Proterra Investment Partners, and Cordillera Investment Partners for an aggregate cash consideration of US$71.2 million. 

These will be the foundational investment in the firm’s new GQG Private Capital Solutions (PCS) division and operate separately from its global equities business.

PCS will be focused on providing a broad range of financing and strategic solutions to mid-market private capital asset management firms, including perpetual equity investments, structured financings, and distribution services across institutional and retail markets.

GQG chief executive, Tim Carver, said: “This transaction accelerates GQG’s aim to launch a private capital investment advisory business. Avante, Cordillera and Proterra are excellent examples of the types of firms and people we will seek to partner with on behalf of our PCS clients.”

Following completion of the transaction, PAC chief executive Paul Greenwood and GQG managing director Mike Daley will co-lead the PCS business and investment team. 

As a result, Greenwood will step from his role as an independent director of GQG and join PCS as as a managing director and co-head of private capital solutions.

The GQG board is undertaking a review to source a new independent director, an ASX statement said. Until that time, the board will have two independent directors in Elizabeth Proust and Melda Donnelly and two executive directors in Carver and chairman Rajiv Jain until this time. 

Jain said: “We are excited that Paul is taking on a new opportunity to contribute to the growth of GQG and we thank him for the valuable insights and contribution he has made as an independent director.”

In its most recent funds under management at the end of April, the firm reported it has US$142 billion in FUM. This is divided between US$55.8 billion in international equities, US$35 billion in global equities, US$11.6 billion in US equities, and US$39.6 billion in emerging market equities. 

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