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  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • PCG Asset Management’s Advisory and Fund Management Business
  • Mitsubishi Corporation (TorreyCove Capital Partners LLC)
  • Other
  • November 16, 2011
  • $21.1 Billion

Seller Details

PCGAM provides investment advisory and Fund of Funds management services for Private Equity investment (PE investment), mainly to financial institutions such as North American public pension funds. The operational assets of both above businesses before this acquisition are valued at about 20 billion U.S. dollars.  PCGAM has for many years been providing high quality, tailor-made investment advisory services to North American public pension funds, who are pioneers in PE investments in the U.S.

Buyer Details

Mitsubishi Corporation (MC) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business.

MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods.

With over 200 bases of operations in approximately 80 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. 

Transaction Summary

Mitsubishi Corp. will buy a 70% stake in private equity consultant PCG Asset Management, which will be renamed TorreyCove Capital Partners, David Fann, president and CEO of PCG Asset Management, said on Thursday.

PCG Asset Management will have the remaining ownership stake, Mr. Fann told trustees of the $37.4 billion Illinois Teachers’ Retirement System at a meeting in Springfield.  As part of the deal, Christopher Bower, founder of PCG Asset Management’s parent, Pacific Corporate Group, will have his stake in the firm bought out, Mr. Fann said.

The deal will close in a “couple of weeks,” Mr. Fann said in an interview after his presentation. He said terms are not being disclosed. TorreyCove will operate independently and will keep its La Jolla, Calif., headquarters.  No changes in staff will be made, he added.

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