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PAC acquires stake in LA-based private credit shop

Pacific Current Group (PAC) has agreed a deal to acquire a minority 24.9% equity stake in Los Angeles-based private credit and structured equity investment management firm Avante Capital Partners for up to $40m.

According to the firm’s website, Avante was founded in 2009 and has about $1bn in assets under management.

PAC says Avante “will continue to be overseen by its founders and principals and there will be no changes to its strategies or day-to-day operations”.

The deal includes $15m to be paid at closing and an additional $13m to be paid a year later, as well as up to $12m that will be paid depending Avante hitting certain growth targets.

PAC, a $14bn multi-boutique-backer co-founded by former Russell Investment exec Paul Greenwood, already owns stakes in 16 asset management businesses, the majority of which are focused on private markets, including $7.38bn private real estate investor Banner Oak Capital Partners, Chicago-based private credit specialist Victory Park Capital and ROC Partners, an Asia Pacific-focused private equity investor.

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