BNP Paribas Investment Partners has finalised a cooperation agreement with Northern Lights Ventures, an independent private equity firm providing strategic resources and capital to the
BNP Paribas Investment Partners has finalised a cooperation agreement with Northern Lights Ventures, an independent private equity firm providing strategic resources and capital to the money management industry.
Northern Lights seeks to invest in successful, innovative asset management firms with sustainable, genuinely client-oriented investment cultures. The firm was formed in late 2006 by Andy Turner and Paul Greenwood, former senior executives at Russell Investments, and Tim Carver (pictured left to right), formerly of the private equity firm Orca Bay Partners.
While the terms of the agreement were not disclosed, Northern Lights’ management will retain a large majority interest in the firm.
BNP will invest in Northern Lights’ private equity fund, Northern Lights Capital Partners.
‘Our unique approach to manager evaluation and portfolio construction coupled with BNPP IP’s outstanding market position and insight on global financial markets will help create significant value for our partner companies and investors,’ says Carver.
BNP Paribas Investment Partners and Northern Lights will work closely to identify, invest in, and support the growth of institutional investment firms, primarily in the US, but also in Asia and Europe.
‘Identifying and nurturing outstanding investment talent remains one of the greatest challenges facing our industry. Northern Lights has demonstrated a unique ability to do this successfully,’ says Pierre Lapomme, who heads BNP Paribas Investment Partners in the US.
Greenwood adds: ‘This partnership provides our firm with access to one of the world’s pre-eminent banks, while at the same time allowing us to maintain our independence. Through BNP Paribas Investment Partners, we are able to further expand our reach globally, a major advantage for both our firm and our portfolio companies.’
