Landmark Partners is buying a strip of investments in public and private companies from publicly traded investment and merchant bank Aberdeen International for $29 million.
Landmark is slated to pay an additional $2 million to Aberdeen upon achievement of certain milestones. The investments Landmark is buying consist of equity and debt interests in the companies.
[contextly_sidebar id=”TFep2w1lJL3DCII95DhGe9Tup594nYMT”]Aberdeen, which focuses on small cap companies in the resource sector, will use proceeds to make investments in pre-IPO and public resource companies. “Due to current market conditions, we believe we can acquire additional investments which are currently undervalued in order to generate significant long-term returns for our shareholders, and capitalize on the strong track record of our team investing in the mining industry,” David Stein, Aberdeen’s president and chief executive officer, said in a statement.
The deal is subject to entering into a final definitive agreement, approval from Landmark’s investment committee, approval of Aberdeen’s board of directors and regulatory approvals. The deal is expected to close on or before Oct. 15, 2014.
Six Point Partners worked as strategic advisor with Aberdeen on the sale.
Landmark has been in the market since 2012 targeting $2.5 billion for its Fund XV. As of January, Landmark had collected at least $1.4 billion from 115 investors, according to a filing with the U.S. Securities and Exchange Commission.
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