On November 16, 2011, Mitsubishi Corporation announced that its subsidiary, TorreyCove Capital Partners LLC, had entered into an agreement with PCG Asset Management to acquire approximately 80% of the advisory and fund management business of PCG together with its current management team.
On November 16, 2011, Mitsubishi Corporation announced that its subsidiary, TorreyCove Capital Partners LLC, had agreed to support a management buyout by acquiring the advisory and fund management business, together with the current management team, of PCG Asset Management. After the transaction, Mitsubishi will own approximately 80% and the management team will own approximately 20% of TorreyCove. PCG is a provider of investment advisory and fund-of-funds management services for private equity investors primarily consisting of financial institutions such as North American pension funds. Both TorreyCove and PCG are based in La Jolla, California.
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