Investment firm Salient Partners said Tuesday that it has bought Houston-based Teton Strategic Investments. No financial terms were disclosed.
HOUSTON, Dec. 10, 2013 /PRNewswire/ — Salient Partners L.P. (Salient), a $19.1 billion asset management firm, announced today that under its wealth advisory business it has acquired Houston-based Teton Strategic Investments, Inc., to offer selective private equity opportunities to high-net-worth clients.
The acquisition enhances the process around Salient’s systematic evaluation and due diligence of PE offerings, and enables the firm to use its existing pipeline to secure new options that fit the needs of its clients. In addition to vetting the deals for quality, Teton will bring new scale to Salient, granting access to deals that were previously inaccessible to many clients who lacked the millions of dollars required to participate. Now, Salient can pool clients’ money into one vehicle with a much lower entry level per qualified purchaser.
“Partnering with Teton has helped us formalize a solution for clients who have long desired access to private equity deals that were out of reach for some clients due to high investment minimums,” said John Blaisdell, Chief Executive Officer of Salient. “We can now build a regular pipeline of vetted, quality deals and offer them to our wealth clients, matching their risk profiles and potential risk return character.”
Michael Mithoff has served as President of Teton, which he founded in 2006 to manage his family’s investment office as well as advise a number of other families in connection with portfolio allocation and management, with a particular emphasis on alternative investment strategies.
Teton is heavily focused in the energy and natural resources sector, and has additional experience in the technology, health sciences, growth capital/buyout, secondary and financial services sectors in previous and current PE offerings. It has more than $175 million in committed assets.
“I’m thrilled to be joining Salient and its team of wealth management professionals, and to be merging our knowledge, skill sets and deep relationships to identify and secure quality offerings for our client base,” said Mr. Mithoff, who will be assuming the role of Managing Director and Head of Private Investments. “With these forces combined, our wealth clients will have access to PE funds overseen by proven managers who are otherwise inaccessible.”
Mr. Mithoff will be working closely with Lee Partridge, Salient Chief Investment Officer, on the continued sourcing of PE transactions to meet Salient’s Wealth client needs building diversified portfolios.
“Teton brings an ideal service offering to our existing wealth advisory business, one that aligns with our objective of trying to source what we believe to be true alpha and help our clients meet a range of financial goals,” said Mr. Partridge.
Salient expects to conduct roughly four to six deals a year, depending on the availability of quality opportunities.
For more information about Salient, please contact Chris Moon of JCPR at 973-850-7304 or email@example.com.
About Salient Partners L.P.
Salient Partners L.P. is a $19.1 billion investment management firm based in Houston, Texas. The firm is a recognized innovator in the development, management and delivery of sophisticated, non-traditional investment solutions for both institutional and retail investors. Through its comprehensive investment approach, Salient identifies and develops leading strategies that help eliminate unrewarded risk, reduce investing costs and focus on the fundamental drivers of returns to deliver the full potential of all markets to investors. For more information about Salient and its professionals, visit www.salientpartners.com.