RIT Capital Partners makes investment in Corsair Capital
RIT Capital Partners, the London listed investment trust chaired by Lord (Jacob) Rothschild, has made a long-term investment in Corsair Capital, resulting in it having a minority investment in the GP of the firm.
This investment is consistent with RIT's strategy of identifying and investing in high quality asset managers, enabling close collaboration on investment opportunities, and sharing of expertise.
Lord Rothschild (pictured) says: "We are pleased to make this investment in Corsair, a firm that has a clear investment philosophy and approach to investing globally in the financial services industry. We see considerable potential to work closely together on new investment opportunities in this sector that will benefit both businesses."
Nicholas B. Paumgarten, chairman of Corsair Capital, says "We are delighted to welcome RIT as a direct long-term investor in Corsair. Corsair's management has developed a strong global network of industry and governmental contacts which assists the firm with its investment business, and we will enhance those advantages as a result of our relationship with RIT. Our team will continue to focus its efforts on working with our portfolio companies to support the design and implementation of their strategic business plans, and identifying new investments for Corsair."
Subject to the completion of the transaction, RIT proposes to issue such number of new ordinary shares in RIT as is equivalent to USD7,500,000, as part consideration for RIT's acquisition of the stake in Corsair.
An application for the admission of the shares to the Official List of the UK Listing Authority and for admission to trading on the Main Market of the London Stock Exchange is expected to be made shortly.
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