Pavilion Financial, a North American employee-owned investment services firm, has agreed to purchase Altius Holdings, the parent of Altius Associates and Altius Associates (Singapore), for an undisclosed sum.
Pavilion will combine the operations of Altius Associates with LP Capital Advisors (LPCA), the California-based alternative asset advisory unit of Pavilion to create a larger global alternative asset class advisory platform.
The merged entity will be named Pavilion Alternatives Group and will specialise in alternative asset classes. The entity will have total assets under advisement of over $60bn, out of a total $570bn.
The new entity will operate with about 70 staff from London, UK, Singapore, and North American cities such as cities such as Sacramento, Richmond, Boston, Salt Lake City and Montreal.
Senior management from Altius Associates and LPCA will continue in their leadership roles in the combined unit.
Pavilion president Daniel Friedman said: "This acquisition, our fifth since 2010, is consistent with our strategy of assembling various expert and specialized teams to bring top quality investment advisory services and solutions to our clients. Altius has an excellent reputation in providing alternative asset consulting to a global clientele over a span of nearly 20 years.
"Altius and LPCA already share common values and a proven client service approach and they complement each other geographically. Together, we will form a stronger alternative asset class advisory platform for Pavilion offering consulting services and solutions across private equity, private credit, real assets, and hedge funds."
The deal is expected to be completed in the third quarter of 2016, subject to regulatory nod.
LPCA president and managing director Donn Cox added: "Combining forces with Altius will provide our clients with additional resources in North America, significant global reach into Europe, Australia and Asia, and enhanced service offerings and solutions without compromising our focus of providing objective and thoughtful advice with a fiduciary mindset."
Altius, a global private markets advisory and separate account management firm, operates from offices in the UK, the US and Singapore.