Looks like Tom Florence
has a new backer in his crusade to buildup the alt shop 361 Capital
Florence's firm announced
that the private equity firm Lovell Minnick Partners
has purchased a minority stake in 361
, where Florence serves as chief executive.
The terms of the deal were not disclosed, but according to Lovell Minnick's website
, the Radnor, Penn. and El Segundo, Calif.-based PE shop generally invests between $20 and $80 million in each target company. The investment can go up to the hundreds of millions with additional investing partners.
When Lovell invests in a firm, according to its site, its goals can include "growth capital investments to support acquisitions and other expansion initiatives."
"We invest in those firms where we can meaningfully enhance their value through our active involvement with management," according to Lovell's website.
The deal is timely. In May, 361 Capital launched
an alts series trust that would consist of funds sub-advised by single alts managers.
According to 361, "distribution will be carried out through a hybrid strategy that leverages marketing automation, technology and a strong sales force, with a primary focus on reaching Registered Investment Advisors."
The first fund to be launched via this trust will be the 361 Global Macro Opportunity Fund
, managed by 361
managing director, and previous Janus veteran, Blaine Rollins
. It is slated for launch on July 1.
Florence makes no bones about the fact that he wants to do alts differently
from other shops. This contrarian view includes distinct attitudes
on hiring wholesalers and targeting RIAs.
In April, Florence hired Garrett Brooks
as vice president for national accounts and institutional sales.
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