LGT buys Ares' debt funds manager European Capital

The transaction is expected to close in the second quarter of 2017. As part of the deal, the Swiss LP will boost its product offering through the acquisition of all the GP's private debt funds and related portfolios.

As part of the transaction the 20-strong team of European Capital will join the new firm and will continue to be led by its existing four partners, Matthew Gordon Clark, Etienne Haubold, Stephane Legrand and Juan Carlos Morales Cortes.

Headquartered in Pfaeffikon, Switzerland, LGT has $55bn in private equity assets under management and employs a staff of 370. The private banking and asset management firm is wholly owned by the family office, Princely House of Liechtenstein, and invests in several alternative assets, including private equity, real estate, private debt, hedge funds and insurance-linked assets.

The deal saw Berkshire Capital act as financial adviser on the acquiring side, while Credit Suisse was the financial adviser toAres.

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• LGT Capital Partners