Home / transaction / Berkshire Global Advisors acted as financial advisor to Investcorp
Berkshire Global Advisors acted as financial advisor to Investcorp
  • has merged its ARI business with
  • Berkshire Global Advisors acted as financial advisor to Investcorp

  • Date: May 2020
  • Sector: Private Markets – Private Equity / Credit
  • Sub-Sector: Hedge Fund, Fund of Funds
  • Region: EMEA
  • Seller Details:
    Tages is an international asset management group, specialized in 4 alternative asset classes: i) absolute return and multi managers solutions, ii) renewable energy infrastructures investments, iii) private equity, and iv) distressed debt. Tages was founded by Panfilo Tarantelli, Sergio Ascolani and Salvatore Cordaro in 2011, and is now fully owned by the 5 operating partners which also includes Umberto Quadrino and Francesco Trapani.

    i) The absolute return business manages a range of innovative funds and solutions, including multi-manager and single strategy hedge, co-investment funds, seeding funds, private credit and impact investments.

    ii) The renewable energy business is the second largest player in the photovoltaic sector in Italy with portfolio assets of approximately €1.1 billion, 358 megawatts with 119 solar/wind energy plants, managed across two funds, Tages Helios and Tages Helios II, utilizing an innovative owner-operator model.

    iii) Private equity investments are conducted through a strategic partnership with VAM Investment Group, an investment company specializing in growth, small- and mid-cap companies.

    iv) The distressed debt business is run via Credito Fondiario, a banking platform specializing in the management and servicing of distressed debts with more than €50 billion in assets under management, €815 million of invested capital and €366 million of equity capital. After a recent restructuring, the shareholders of Tages hold a minority stake in Credito Fondiario, in partnership with Elliott Management Corporation.

    Buyer Details:
    Investcorp is a leading global manager of alternative investments. Led by a new vision, Investcorp has embarked on a prudently ambitious growth strategy. The Firm continues to focus on generating value through a disciplined investment approach in six alternative asset classes: private equity, real estate, absolute return investments, infrastructure, credit management, and strategic capital.

    As at December 31, 2019, Investcorp Group had $31.1 billion in total AUM, including assets managed by third party managers and assets subject to a non-discretionary advisory mandate where Investcorp receives fees calculated on the basis of AUM.

    Since its inception in 1982, Investcorp has made over 195 private equity deals in the U.S., Europe, the Middle East and North Africa region and Asia, across a range of sectors including retail and consumer products, technology, business services and industrials, and more than 800 commercial and residential real estate investments in the US and Europe, for in excess of $61 billion in transaction value.

    Investcorp employs approximately 450 people across its offices in New York, London, Bahrain, Abu Dhabi, Riyadh, Doha, Mumbai and Singapore.

    Transaction Summary:
    Investcorp and Tages have created a 50/50 joint venture through the merging of their respective absolute return businesses, Investcorp ARI and Tages Capital. The JV, named Investcorp-Tages Limited, combines the two firms complementary footprints and investment experience to create a global absolute return platform with more than $6 billion in revenue generating assets. The platform offers customized portfolios, seeding and other investment solutions, positioning the JV as one of the world’s leading multi-manager investment firms.