On May 6, 2020, Investcorp and Tages Group announced an agreement to create a 50/50 joint venture by merging absolute return businesses.
Under the terms of the transaction, Investcorp will merge its Absolute Return Investments business with Tages Group’s (“Tages”) Tages Capital LLP to form a joint venture called Investcorp-Tages Limited. The joint venture will be co-led by existing management. This will include Lionel Erdely, Head and CIO of Investcorp’s business and Salvatore Cordaro, Founding Partner and CIO of Tages’ business. Further terms of the deal were not disclosed.
Investcorp, based in New York, is a global manager of alternative investments, specializing in private equity, real estate, absolute return investments, infrastructure, credit management, and strategic capital. As of December 2019, Investcorp has $31.1 billion in assets under management. Berkshire Global Advisors served as financial advisor to Investcorp in connection with this transaction.
Tages, based in Italy, is an international asset management group focused on absolute return and multimanager solutions, infrastructure investments, private equity, and distressed debt. As of May 2020, Tages Capital LLP has $2 billion in assets under management. Pakenham Partners acted as sole financial advisor to Tages in connection with this transaction.
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