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PAC takes minority stake in Astarte

Pacific Current Group, an asset management firm with offices in the Pacific Northwest and Australia, has acquired a minority stake in Astarte Capital.

Pacific Current Group, an asset management firm with offices in the Pacific Northwest and Australia, has acquired a minority stake in Astarte Capital. No financial terms were disclosed. Astarte is a London-based alternative investment manager.

Correction: An earlier headline and version of this news report misstated the details of this transaction. It has since been corrected. 

PRESS RELEASE

Tacoma, Washington, Mar. 29, 2021 — Pacific Current Group Limited (ASX: PAC, “PAC”) has announced that it has completed its purchase of a minority stake in Astarte Capital Partners LLP (“Astarte”).

PAC is a multi-boutique asset management firm with offices in the Pacific Northwest and Australia. The firm provides growth capital and institutional fundraising support to best-in-class boutique asset management firms in exchange for a minority equity stake in the company (“GP stakes”).

Astarte, founded in 2015, is a London-based alternative investment manager focused on private markets real asset strategies. Astarte’s strategy provides LPs with exposure to niche, value-add real assets strategies via an investment in its affiliates’ underlying funds as well as a GP stake in the affiliate. Astarte’s model is distinctive in that it provides anchor / seed LP capital, working capital, and strategic support to operating experts and emerging investment managers to catalyze growth.

Astarte plans to use the proceeds from the transaction to further strengthen its balance sheet and fund growth initiatives. The firm will continue to be overseen by its founders and principals and there will be no changes to its strategies or day-to-day operations.

PAC Vice President, Curtis Yasutake stated that, “Astarte has a unique business model that we believe represents the future of GP stakes investing. Astarte’s co-founders, Stavros and Teresa, are true innovators and the strategic value Astarte provides to its partner companies is exceptional. Yasutake added, “Our investment in Astarte is consistent with our efforts to partner with best-in class boutique asset managers with differentiated investment strategies and deep expertise within a specific niche.”

Astarte co-founders, Dr. Stavros Siokos and Teresa Farmaki, noted that, “We are delighted to be partnering with PAC. Importantly, our firms share common values and principles, and PAC has a clear vision for the evolution of the asset management industry. We expect this partnership to be a catalyst for an exciting new chapter of growth for Astarte.”

ABOUT PACIFIC CURRENT GROUP
Pacific Current Group Limited is a multi-boutique asset management firm dedicated to providing exceptional value to shareholders, investors, and partners. PAC applies its strategic resources, including growth capital, institutional distribution, and operational expertise to help its partners excel. With this investment in Astarte, PAC now has investments in 15 boutique asset managers globally.

ABOUT ASTARTE CAPITAL PARTNERS
Astarte Capital Partners is a private markets asset management firm with a focus on real assets in Europe and North America. Astarte’s primary focus is to provide institutional investors access to specialist areas of natural resources, infrastructure, and real estate. It combines over 200 years of asset management and investment fund formation experience with a strategy of working closely with operating teams to help them “institutionalize.”