Kudu has acquired a minority stake in credit specialist Radcliffe Capital Management. No financial terms were disclosed. Piper Sandler & Co. served as financial advisor to Radcliffe on the deal.
NEW YORK and BALA CYNWYD, Pa., Jan. 10, 2022 – Radcliffe Capital Management, L.P. (Radcliffe), an SEC-registered investment adviser specializing in defensive credit and opportunistic strategies, and Kudu Investment Management, LLC (Kudu), an independent provider of permanent capital solutions to asset and wealth managers worldwide, today announced that Kudu has acquired a minority stake in Radcliffe and its affiliates. Financial terms were not disclosed.
Based near Philadelphia in Bala Cynwyd, Pennsylvania, Radcliffe was founded in 1996. Steve Katznelson, CFA, founding partner and chief investment officer, and Christopher Hinkel, director of research, are principals of the firm, which manages more than $3.5 billion for institutional and high net worth clients globally.
Radcliffe’s strategies include short and ultra-short duration bond, Business Development Company (BDC) bond, and Special Purpose Acquisition Company (SPAC) portfolios—all defensive investment vehicles that seek both attractive returns and principal protection.
“We are excited to partner with Kudu, a provider of passive and permanent capital with an excellent reputation and impressive portfolio of partner firms,” said Katznelson. “Radcliffe has a strong global client base and specialized strategies. Kudu’s global perspective and support will help us prudently expand our reach to institutions and high-net-worth families.”
“Our investment in Radcliffe represents a terrific opportunity to diversify our portfolio,” said Rob Jakacki, CEO of Kudu. “We have long admired Radcliffe’s management team, distinct defensive investment philosophy, proven track record of performance, and focus on measured growth.”
Kudu now has made investments in 19 asset and wealth management partner firms domiciled in the U.S., Canada, the U.K. and Australia, two of which are currently or previously managed for a third party.
Kudu-affiliated asset and wealth managers collectively invest US$84 billion on behalf of individual and institutional investors worldwide in traditional and alternative strategies, as of Sept. 30, 2021. Founded in 2015, Kudu has more than US$650 million in capital commitments to date.
Piper Sandler & Co. served as financial advisor and Dechert LLP was legal counsel to Radcliffe. Seward & Kissel LLP served as legal advisor to Kudu.
About Radcliffe Capital Management
Radcliffe Group, Inc. was founded in 1996. Radcliffe Capital Management, LP is an SEC registered investment adviser that manages more than $3.5 billion across defensive credit and opportunistic strategies. Its clients include a cross section of institutions and high-net-worth individuals.
For 25 years, Radcliffe has evolved its team, models, systems, and risk controls to successfully invest in niche strategies by capitalizing on persistent and explainable structural market inefficiencies, where the principals of the firm want to heavily invest themselves. For more information, visit Radcliffe’s website.