Azimut Group’s (Azimut) US subsidiaries, Azimut Alternative Capital Partners, and AACP Investments (together AACP), are to acquire a minority equity interest in RoundShield Partners, a European special opportunities investment firm with offices in Jersey, London, Geneva, Madrid, Paris and Luxembourg.
The Eversource Energy Retirement Plan, AACP’s first strategic limited partner, also participated in the transaction through its capital commitment to an investment fund managed by AACP. Inclusive of this new transaction, total Private Markets AuM managed by AACP affiliates is now $16 billion (ca $3 billion pro-rata for AACP).
AACP was established in November 2019 with the purpose of partnering with private market-focused alternative asset managers by providing them with permanent capital to grow and reach their greatest business potential.
Founded in 2013, RoundShield, which has approximately €2.9 billion in AUM, invests in European asset-backed special opportunities, including real estate, infrastructure, other hard assets and financial assets. As of July 2022, the Firm has exited 128 assets and fully realized sixteen debt facilities with a weighted average gross IRR of 23% and a multiple of 1.6x.
The transaction entails AACP acquiring a circa 20% equity interest in RoundShield and contributing permanent capital to the business going forward. Substantially all of the after-tax proceeds will be used by RoundShield’s partners to invest in future firm-sponsored funds, bolstering the Firm’s commitment to align itself with its investors and drive the long-term growth of the business. There will be no changes in the strategy, management, investment process or day-to-day operations of RoundShield or any RoundShield-managed vehicle as a result of AACP’s investment.
