Pavilion acquires Altius

The deal saw Pavilion purchase Altius Holdings, the parent company of Altius Associates Ltd and Altius Associates (Singapore).

Following the transaction, Pavilion will combine Altuis's operations with its advisory subsidiary LP Capital Advisors (LPCA), headquartered in Sacramento, California. The combined organisation will be rebranded as Pavilion Alternatives Group, specialising in alternative assets, with total assets under advisement of $60bn.

Pavilion Alternatives Group will employ 70 professionals across offices in London, Singapore and its North American locations: Sacramento, Richmond, Boston, Salt Lake City and Montreal. All senior management at both groups will retain their leadership positions in the newly combined entity.

The deal comes after continued pressure on the fund-of-funds model, with institutional investors, in a bid to reduce fees, moving increasingly towards investing directly into funds, or more recently by co-investing alongside private equity firms. In 2013, unquote" spoke to Eric Warner, the former executive director at Altius, who expected to see a level of consolidation within this market. The deal marks Pavilion's fifth acquisition since 2010.

Daniel Friedman is president of Pavilion, while Donn Cox is president and managing director of LPCA. John Hess (pictured) is the executive chair and founder of Altius, while Brad Young is co-CEO of Altius, based in Richmond.

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• Topics
• LPs
• Fund-of-funds
• Altius Associates