A $162.9-billion-AUM (as of July 31), publicly traded multiboutique asset manager is buying its way into the alternative investing space.
| David C. "Dave" Brown|
Victory Capital Holdings, Inc.
Yesterday, Dave Brown
, chairman and CEO of Victory Capital Holdings, Inc.
], and Scott Brown
, founder and CEO of New Energy Capital Partners
that Victory has agreed
to buy 100 percent of NEC, an alts shop focused on clean energy investing. The deal is expected to close next quarter.
advised Victory on the deal, while UBS
advised NEC. Willkie Farr & Gallaher LLP
gave Victory legal counsel, while Choate Hall & Stewart LLP
did so for NEC.
17-year-old NEC, based in Hanover, New Hampshire, will become San Antonio, Texas-based Victory's 11th boutique.
"Launching an alternative investment platform creates an additional path for future growth," Dave Brown states. "The same principles that have led to success in our traditional asset management business will guide the strategy for this part of our business."
For his part, Scott Brown describes the deal as a way "to enhance operating support and accelerate [NEC's] growth trajectory."
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