British alternative investment manager Toscafund Asset Management, through its specialist vehicle Tosca Private Investments Fund (TPIF), has agreed to buy a stake in German online wealth management firm LIQID.
TPIF, which aims to capture small/mid-market private equity opportunities in Europe’s financial industry, will now become a “significant shareholder” in LIQID.
The deal, whose financial terms were not disclosed, forms part of a €33m Series C funding round.
Toscafund was joined by existing Liqid backers such as Project A, HQ Trust and Dieter von Holtzbrinck Ventures in the fundraising.
LIQID CEO and co-founder Christian Schneider-Sickert said: “Along with our clients, our investors have been crucial in helping us build LIQID so far, and we are pleased to have found such a strong and internationally experienced partner in TPIF.
“With active help from TPIF, we look forward to expanding both our technology platform and the range of services offered in Germany and beyond.”
The transaction, pending regulatory approvals, marks TPIF’s first investment in Germany.