A publicly traded, $159.9-billion-AUM (as of September 30), multiboutique asset manager has purchased its 11th boutique, as planned.

David C. "Dave" Brown Victory Capital Holdings, Inc. Chairman, CEO

Yesterday, Dave Brown, chairman and CEO of Victory Capital Holdings, Inc. [profile], confirmed that the San Antonio-based firm has closed on its acquisition of Hanover, New Hampshire-based New Energy Capital Partners. The deal was first unveiled back in September.

The deal's price tag was $65 million in cash, plus a possible earnout depending on growth over the next six years. 17-year-old NEC launches Victory's alternative investments platform, as NEC is Victory's first purely alternatives-focused boutique. NEC specializes in both equity and fixed income investing in clean energy infrastructure.

Brown calls the deal a "major milestone" for Victory.

"With multiple, well-established distribution channels, Victory Capital is ideally positioned to serve as a growth catalyst for high-quality alternative investment managers," Brown states. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE