Tortoise Capital’s private credit platform has spun out of the SEC-registered asset manager, and will operate as a standalone business comprising the investment and management team of Tortoise’s private credit division.
Terms of the transaction have not been disclosed.
503 Capital will be led by Managing Partners Gary Henson, David Sifford, and Kate Moore. As part of the transaction, employees of 503 Capital will own 100% of the equity interest of the entity, aligning interests with the firm’s clients.
Following the completion of the acquisition, which is expected to occur in Q3, 503 Capital will manage approximately $500m in assets across private funds and separately managed accounts.
The team at 503 Capital will continue to work with Tortoise Capital on the management of its public funds, and the investment processes and day-to-day portfolio management remain unchanged.
