MutualFundWire.com: A Backer of Fundsters Has Invested $397MM

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Monday, May 10, 2021

A Backer of Fundsters Has Invested $397MM

A long-term backer of fundsters' boutiques is approaching $400 million in deployed capital.

Rob Jakacki
Kudu Investment Management LLC
CEO

In Q1 2021, Kudu Investment Management LLC put another $11 million into one of the 13 boutique asset managers it backs, pushing its total deployed capital to $397 million, according to the Q1 earnings report, issued earlier today, of Kudu's publicly traded parent, Hamilton, Bermuda-based White Mountains Insurance Group, Ltd. (WTM on the NYSE). Those 13 portfolio boutiques had about $48 billion in combined AUM as of March 31.

Kudu brought in $16 million in pre-tax income in Q1 2021, up year-over-year from a $21-million pre-tax loss. (Adjusted EBITDA in Q1 2021 reached $6 million, roughly level year-over-year.) Kudu also gained access to $300 million in credit last quarter.

"We plan to use the facility to fund new opportunities in the asset and wealth management space globally as well as to support growth initiatives with our existing partners," states Kudu's CEO, Rob Jakacki.

According to Jakacki, the VC-like firm "had a solid first quarter."

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