Penta Capital arranges strategic investment from old oak holdings
Penta Capital, the UK mid market private equity fund manager, has arranged a strategic investment from Old Oak Holdings Ltd, the independent fund management group owned by hedge fund manager Martin Hughes.
Subject to regulatory approvals, Penta Capital has agreed to sell a 40% equity stake to Old Oak for an undisclosed consideration. In addition Old Oak and Martin Hughes will commit significant new investment funds to Penta Capital upon completion of the acquisition.
Old Oak currently owns Toscafund, the hedge fund operation controlling assets in excess of $6 billion, as well as 40% of the private client investment management business Cheviot Asset Management. It will acquire the stake in Penta Capital as part of its strategic objective of broadening its range of asset management activities.
Sir George Mathewson, Chairman of Old Oak, stated: “We see a wide range of opportunities to blend the skills and networks of our hedge fund, private client and private equity businesses. We have known the Penta team for a long time, and they will bring a different set of skills to the group.”
Tom Ross, Chairman of Penta Capital, said: “We are delighted to bring in Old Oak as a strategic investor in Penta Capital. They bring extensive experience and contacts which will enhance our deal flow and widen our investor base. As the boundaries between private and public equity become increasingly blurred, we believe this tie-up provides a great opportunity to further develop Penta as an alternative asset manager.”