On December 4, 2024, Seward & Kissel client Kudu Investment Management, LLC announced that it had acquired a minority stake in Seward & Kissel client RiverNorth Capital Management, LLC.
Kudu Investment Management, LLC (“Kudu”) acquired a minority stake in RiverNorth Capital Management, LLC (“RiverNorth”). RiverNorth will remain employee owned, and RiverNorth CEO and chief investment officer Patrick Galley will remain in his role. Further terms of the transaction were not disclosed. Seward & Kissel served as counsel to Kudu in connection with the transaction, with a team comprised of Partners Meir Grossman, Danielle Lemberg, Noelle Indelicato, Brett Cotler, and David Baron, Counsel Lancelot King and Michael O’Brien, and Associates Noga Benmor-Piltch, Lauren Clise, Stephen Marks, Mercy Romero Alemán, Elyse Moy, Katherine O’Donnell, Emanuel Beys, and Shayna Roth. Seward & Kissel also served as counsel to RiverNorth in connection with the transaction, with a team comprised of Partners Gerhard Anderson, Paul Miller, and James Cofer, and Associates Kevin Gallagher, Evangelos Konstantinou, Ashley Lin, Grace Dahlstrom, Joy Su, and Timothy Appleton.
Kudu, based in New York, is a registered investment adviser specializing in minority equity investments in asset management firms, wealth management firms, and pooled investment vehicles in the United States, the United Kingdom, Australia and Canada. As of September 2024, Kudu’s partner firms now collectively invest approximately $123 billion.
RiverNorth, based in West Palm Beach, Florida, is a boutique investment manager that specializes in identifying and profiting from “inefficiencies in niche markets.” As of September 2024, RiverNorth had approximately $5.2 billion in assets under management.
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