George Walker and his team are doing a deal in their own backyard, and they've landed a private equity ally in the process.

Peter M. Yu Cartesian Capital Group Founder, Managing Partner

New York City-based Neuberger Berman [profile] is acquiring Cartesian Re (also NYC-based) from Cartesian Capital Group, Neuberger alternatives chief Tony Tutrone confirmed yesterday. Pricing and terms of the deal were not disclosed.

Nine-year-old Cartesian Re has more than $1 billion in AUM (Bloomberg describes it as a "natural-disaster risk manager"). The whole Cartesian Re team (including managing directors Peter DiFiore, Cedric Drui, and Charles Mixon) is joining Neuberger as part of the deal under the new NB Insurance-Linked Strategies brand, and Cartesian Capital (a PE firm with $3 billion in committed AUM) will team up with Neuberger on global distribution for NB Insurance-Linked Strategies.

"We look forward to a long and productive collaboration," states Peter Yu, managing partner of Cartesian Capital.

"The investment team from Cartesian Re brings to our clients an established track record from unique investments that are not correlated with traditional asset classes," Tutrone states.

Sandler O'Neill advised Cartesian Capital on the deal. Kirkland & Ellis handled legal advice for Cartesian Capital, while Willkie Farr did the same for Neuberger.

Neuberger has more than 2,000 people and had $315 billion in AUM as of September 30. 

Edited by: Neil Anderson, Managing Editor


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