A fundster-friendly, VC-like firm with a more long-term perspective has gained access to support from a big insurer.
| Rob Jakacki|
Kudu Investment Management LLC
Today, Phillip Titolo
, head of direct private investments at MassMutual
(dba for Massachusetts Mutual Life Insurance Company), and Rob Jakacki
, CEO of Kudu Investment Management, LLC
the closing of a $300-million Kudu credit facility with MassMutual. The Kudu team pitches themselves as offering "permanent capital solutions" around the world to firms in the asset and wealth management businesses.
Over the past three years, Kudu has used nearly $400 million to buy minority stakes in 13 firms. (The Kudu team did five deals in 2020 alone.) As of December 31, those Kudu-backed firms had more than $45 billion in combined AUMA. (Meanwhile, Kudu itself is backed by White Mountains Insurance Group, Ltd.
MassMutual's Titolo lauds the Kudu team's "strategy and executive skills." Kudu's Jakacki, in turns, praises MassMutual as "an experienced and successful investor in the asset management industry." (Indeed, though MassMutual continues to offer its own subadvised funds, the insurer also sold
its big asset management business in spring 2019.)
"It's gratifying to have [MassMutual] firm as a financial backer," Jakacki states.
Editor's Note: A prior version of this story gave the wrong timing for the past sale of MassMutual's big asset management business. That deal closed in the spring of 2019.
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