The $1.3bn strategic capital arm of $50bn global alternative manager Investcorp has taken a minority stake in $7.3bn private equity manager Banner Ridge Partners and is now a passive, non-voting partner in the business.
According to a press release, the investment is intended to supply Banner Ridge with growth capital but will not result in changes to the private equity manager’s team, strategy, investment process or day-to-day management and operations.
Banner Ridge closed its most recent secondary market fund, Banner Ridge Secondary Fund V, at a $2.15bn hard cap. Last August, Banner Ridge closed its special situations fund, Banner Ridge DSCO Fund II, at $639m, which targets commitments to private equity funds, co-investments and early secondaries.
Terms of the deal have not been disclosed.