University of California invests in Duff & Phelps, Carlyle increases its stake

The University of California‘s investment office has acquired a “significant” minority stake in advisory firm Duff & Phelps.

In addition to this investment, The Carlyle Group and Duff & Phelps’ senior management team will be hiking up their respective minority stakes in Duff & Phelps.

Stone Point Capital LLC, Edmond de Rothschild Group and Pictet Group were the sellers.

No financial terms were disclosed for the deal that’s expected to be completed before the end of this year.

INFOR Financial Group provided financial advice to the investors while Kirkland & Ellis offered legal counsel to the sellers.

According to a news release on this transaction, The University of California’s investment office is currently managing $93 billion in endowment, retirement and working capital assets.

Photo of UCLA’s Royce Hall facade courtesy of Ken Wolter/