Veritable, LP & Moelis Asset Management LP Announce Joint Venture Focused on Providing Initial Capital & Operational Support ...
January 17 2017 - 8:00AM
Business Wire
Archean Capital Partners’ Initial Fund
Established with $100 Million of Commitments
Veritable, LP. (“Veritable”) and Moelis Asset Management LP
(“Moelis AM”) today announced they have entered into a joint
venture agreement establishing Archean Capital Partners, a private
market investment platform that will provide new portfolio managers
with the initial capital, advice and infrastructure necessary to
launch their own funds.
Veritable is a leading wealth management firm with over $13
billion of assets under management. Moelis AM is the parent company
for alternative asset management firms with an aggregate of over $3
billion in assets under management.
Through Archean Capital Partners (“Archean”), Veritable and
Moelis AM will seek capital commitments for a series of single
manager, special purpose vehicles (“SPV” or collectively, “SPVs”)
that will invest in selected newly launched private funds. Archean
will partner with managers across a broad range of strategies
including buyout, turnaround/restructuring, growth, credit
opportunities, infrastructure and real estate. As part of Archean's
seed investment of capital in these newly launched funds, Archean
will seek to provide its investors returns generated on both
invested capital and revenue sharing from the new investment
manager’s business.
Veritable and Moelis AM have already established the initial
Archean SPV, a single manager SPV with $100 million of capital
committed by Veritable’s clients and individuals at Veritable,
Moelis AM and Moelis & Company. The Archean SPV is in the
process of investing with its first candidate in the private funds
industry. Moelis & Company’s Private Funds Advisory Group has
been retained by this manager to advise on further capital
raising.
Michael Stolper, Founder and CEO of Veritable, said, “Veritable
made its first alternative strategy investment in the late 1980s.
Since then we have invested several billion dollars of client
capital around the world with a wide variety of unaffiliated
private fund and hedge fund managers. In many instances, Veritable
has provided fund managers with a significant portion of their
initial investment capital having often cultivated relationships
with them for years. We have developed a strong reputation among
fund managers for providing long-term investment capital and the
opportunity for managers to build their own track records. We are
very pleased to be partnering with Moelis AM on this innovative
partnership that, through Archean, will provide newly formed
private markets managers with the critical mass and operating
support to create institutional quality organizations.”
Christopher Ryan, Managing Director of Moelis AM, said, “The
Archean platform is intended to allow individual managers the
certainty of a large and stable source of initial capital for a
rapid first close and the fundraising capabilities to secure
additional capital commitments for their first funds. In
partnership with Veritable, we believe there will be tremendous
opportunities to grow this unique investment platform for the
benefit of new managers and investors alike.”
About Veritable
Veritable, a leading wealth management firm, manages over $13
billion across nearly 200 ultra-high-net-worth families. A pioneer
in open-architecture wealth advisory services, Veritable provides
comprehensive, objective and tax-sensitive investment consultation
through an approach customized for each client's specific needs.
Founded in 1986 by Chief Executive Officer Michael Stolper, the
firm is headquartered in Newtown Square, PA with offices in San
Francisco, CA, and has 84 employees, including 36 investment
advisory and 12 research professionals. For further information,
please visit: www.veritablelp.com.
About Moelis Asset Management
Moelis Asset Management LP (“Moelis AM”) is the parent company
for alternative asset management firms with leading capabilities in
private equity, direct lending, credit funds and structured
products. The Firm has been built on the premise of backing high
caliber investment firms with products it believes can provide
attractive risk adjusted returns for investors. The businesses of
Moelis AM include Chamonix Partners Capital Management LLC, a
structured products investment manager, Freeport Financial Partners
LLC, a direct lending platform, Gracie Asset Management, a
multistrategy credit manager, Moelis Capital Partners, LLC, a
private equity firm focused on middle market companies, and Steele
Creek Investment Management, a manager of collateralized loan
obligations and other broadly syndicated loan products. Moelis AM
was also a founding investor of College Avenue Loans LLC, a private
student loan company. Moelis AM advisers currently have aggregate
assets under management of over $3 billion. Moelis AM is an
affiliate of Moelis & Company (NYSE:MC) (“Moelis”), a leading
global independent investment bank. For further information, please
visit: www.moelisassetmanagement.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170117005480/en/
Veritable, LP.Dan Gagnier,
646-569-5897dg@gagnierfc.comorMoelis Asset
Management LPAndrea Hurst,
212-883-3666andrea.hurst@moelis.com
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