Berkshire Global Advisors acted as financial advisor to Banner Oak Capital Partners, LP

Seller Details:
Banner Oak Capital Partners, LP is a fully-integrated real estate investment management firm focused on the deployment of capital in and alongside best-in-class real estate operating companies.

The Banner Oak principals have an extensive track record, having invested in and alongside over 20 operating companies and over US$15.0 billion in asset value. Banner Oak was launched in 2016 from its predecessor firm, Hunt Realty Investments. Banner Oak currently has approximately $5.7 billion in assets under management and has the requisite infrastructure in place to capitalize on and effectively manage complex and innovative strategies. Banner Oak utilizes a research-driven approach with an emphasis on the creation of value through active management, risk control and creativity.

Buyer Details:
Pacific Current Group Limited is a multi-boutique asset management firm dedicated to providing exceptional value to shareholders, investors and partners. They apply strategic resources, including capital, institutional distribution capabilities and operational expertise to help their partners excel. Including Banner Oak, PAC has investments in 16 boutique asset managers globally.

Transaction Summary:
Pacific Current Group Limited is making an initial investment of US$35.0 million (A$48.2 million) for a 35% passive, non-voting minority interest in Banner Oak. Banner Oak’s distinctive value proposition and stellar track record bodes well given the evolving private real estate investing environment.

PAC classifies Banner Oak as a Tier 1 investment, and estimates its contribution to PAC over the next 12 months to be approximately 25% of PAC’s FY21 underlying NPBT.