Kudu Takes Stake in Alternatives Manager to Fund Growth

NEW YORK–(BUSINESS WIRE)–TIG Advisors, LLC (“TIG”), a leading $3 billion alternative asset management company founded in 1980, which provides capital, comprehensive infrastructure support and management to investment teams, today announced that it has acquired a minority interest in Romspen Investment Corporation (“Romspen” or the “firm”), a premier alternative credit manager focused on North American real estate. The firm is the manager of funds with assets under management of CAD $2.5 billion, which provide first mortgage bridge lending to commercial real estate projects. Terms of the transaction were not disclosed.

As a strategic partner, TIG will work collaboratively with Romspen to help the firm achieve its business objectives – offering infrastructure, sales and marketing, and business development support within the U.S. and internationally. This support will enable the Romspen team to continue to focus on its core competency of executing on attractive investment opportunities across real estate asset classes to generate strong returns for investors. Romspen will continue to be led by its current management team headed by Mark Hilson and Wes Roitman.

“Romspen is a leader in mortgage investing with a longstanding history, disciplined approach to underwriting, and diversified lending platform that complements TIG’s existing strategies,” said Spiros Maliagros, President of TIG. “We invested in Romspen because of their experienced executive team, acute focus on risk mitigation and strong track record of performance that is uncorrelated to public markets. We look forward to helping the firm achieve its full potential, as we believe there are significant growth opportunities for alternative lenders.”

Mr. Hilson added, “We are pleased to partner with TIG, whose expertise in alternative asset management and strong understanding of our lending strategy will be crucial in helping us reach our operational and investment goals. TIG’s 40-year track record of successfully partnering with asset managers, operating capabilities and institutional distribution network will be invaluable as we execute on our business model of originating flexible loans to align the needs of borrowers and lenders.”

In conjunction with the transaction, Kudu Investment Management, LLC, a New York-based provider of capital solutions to asset managers and wealth managers, will be providing permanent and passive capital into the TIG holding company. Kudu is providing TIG with initial growth capital to expand and diversify into new investment offerings by acquiring interests in other strategies, with Romspen being the first transaction.

Sandler O’Neill + Partners, L.P. acted as financial advisor to TIG.

https://www.businesswire.com/news/home/20181031005635/en/TIG-Advisors-Strategic-Investment-Romspen

Kudu Investment Helps West Coast RIA Gain Independence

SAN FRANCISCO, Oct. 17, 2018 /PRNewswire/ — Bingham, Osborn & Scarborough, LLC (B|O|S), a leading Bay Area wealth advisory firm, announced today that it is buying back a majority ownership stake in the company from Boston Private Financial Holdings, Inc., a wealth management, trust and private banking company. After the transaction closes, B|O|S Principals and Founders will own approximately 68 percent of the company compared to their current ownership of approximately 38 percent. Kudu Investment Management, LLC, a New York-based provider of passive, long-term capital to asset and wealth management firms, will own the remaining 32 percent. The move allows B|O|S to regain its independence going forward.

“The repurchase of the company by our management aligns perfectly with our long-term vision for the firm as well as our entrepreneurial spirit,” said Managing Principal, Kevin Dorwin. “We have an extremely deep and talented team in place that is excited to move the firm forward as an independent company.”

“This exciting news reinforces our deep commitment to our clients and employees,” said Carol Benz, Managing Principal. “The transaction aligns our interests with those of our clients and positions the firm for success and growth well into the future.”

The firm’s existing Management Committee, which is comprised of current B|O|S Principals Carol Benz, Kevin Dorwin, Jennifer Ellison, Richard Golinski, and Aaron Waxman, will take over as the firm’s new Board of Managers. All Principals and employees will remain in their current roles.

“We are extremely pleased and excited to be supporting B|O|S’s transition to independent ownership,” said Kudu CEO, Rob Jakacki. “A team of B|O|S’s caliber represents the ideal partner for Kudu, which provides capital solutions to managers who value independence and significant internal ownership.”

The transaction is expected to close later in the fourth quarter of 2018 and is subject to obtaining client consents and customary closing conditions. Berkshire Global Advisors advised B|O|S and Keegin Harrison LLP served as B|O|S’s legal counsel in the transaction.

Founded in 1985, B|O|S has a strong reputation for serving the Bay Area’s wealthy families, individuals, entrepreneurs, charitable endowments and foundations. The firm focuses on doing what’s in the best interests of its clients through proactive and comprehensive financial planning advice and a long-term, disciplined approach to investing.

https://www.prnewswire.com/news-releases/bingham-osborn–scarborough-bos-regains-ownership-from-boston-private-300733271.html?=prn