Pacific Current Group Limited (ASX: PAC), a global multi-boutique asset management firm, has announced that it has purchased a minority stake in a real estate private equity firm, Pennybacker Capital Management (Pennybacker).
- PAC is making an initial investment of US$20 Mn alongside an equal co-investor and this agreement also includes “earn out” provisions that could result in Pennybacker receiving additional consideration from PAC of up to US$7.5 Mn;
- In exchange for its investment, PAC will receive 16.5% of Pennybacker’s net income, and 2.5% of all carried interest from new funds/accounts.
At AEST 1:01PM, the stock was trading at $6.700 per share, down by 7.5% from its previous close.
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