Mergers & Acquisitions

Radcliffe Capital Management, L.P.

01/22
Radcliffe
Piper Sandler served as sell-side advisor for Radcliffe Capital Management on sale of a minority stake to Kudu Investment Management

Transaction Summary
On January 10, 2022, Radcliffe and Kudu announced that Kudu acquired a non-controlling minority equity stake in Radcliffe. 

Press Release Link

Radcliffe Capital Management, LP
Radcliffe Capital Management, LP ("Radcliffe"), founded in 1996 and headquartered in Bala Cynwyd, Pennsylvania, is an SEC registered investment adviser that manages more than $3.5B across defensive credit and opportunistic strategies as of January 31, 2022. Its clients include a cross section of institutions and high-net-worth individuals. Radcliffe had 18 employees, including an 8-person investment team and was 100% owned by Principals Steve Katznelson and Chris Hinkel. Radcliffe’s unique set of defensive credit strategies leverages the Company’s rigorous investment approach and deep industry expertise with long-term track records of superior and consistent outperformance, less volatility relative to benchmarks, and substantial growth opportunities. Radcliffe provides short and ultra-short duration strategies with options for investors with varying risk and leverage tolerances, expanding its product set in 2014 via the BDC Fund to create a specialized strategy that leverages Radcliffe’s unique investment capabilities.

Kudu Investment Management
Kudu Investment Management ("Kudu") provides asset and wealth managers worldwide with permanent capital solutions tailored to their specific needs, including: ownership transfer, partner liquidity, management buyouts, and acquisition/growth finance. Kudu also offers a range of business services to help its partners expand while remaining independent.

New York-based Kudu has acquired minority stakes in 18 asset and wealth managers headquartered in the U.S., Canada, U.K., and Australia. Kudu-affiliated asset and wealth managers now collectively invest more than $84B as of September 31, 2021 on behalf of individual and institutional investors worldwide in traditional and alternative strategies and market segments. To date, Kudu has raised more than $650M in equity and debt capital from White Mountains Insurance Group, Ltd. and Massachusetts Mutual Life Insurance Company (MassMutual).

Sub-Type
Majority Stake Sale
Sub-Sector
Asset & Wealth Management