BOSTON (Reuters) – TIG Advisors on Wednesday stated it has purchased a bit of Canadian mortgage investor Romspen Investment Corporation, marking the primary time it has taken a stake in one other hedge fund.
Romspen, a Toronto-based credit manager, invests C$2.5 billion in belongings, offering first mortgage bridge lending to business actual property tasks in North America.
“We invested with Romspen because of their experienced executive team, acute focus on risk mitigation and strong track record of performance that is uncorrelated to public markets,” TIG’s president Spiros Maliagros stated in a press release. No worth was disclosed.
Romspen’s administration group, led by Mark Hilson and Wes Roitman, will proceed to run the agency.
TIG, based almost 40 years in the past by Carl Tiedemann, oversees roughly $three billion in belongings and plans on making extra investments in different various managers. Sandler O’Neill was TIG’s monetary advisor.
Firms like Dyal Capital Partners, Affiliated Managers Group (AMG.N) and Blackstone Group (BX.N) have created profitable companies for themselves by shopping for minority stakes in funding companies at a time when the funds’ founders could also be trying to money out or increase.
At the identical time as TIG made its funding, Kudu Investment Management made an funding in TIG, whose measurement couldn’t be obtained, that provides everlasting and passive capital for TIG to broaden and diversify.
Reporting by Svea Herbst-Bayliss; Editing by Bill Berkrot