Alternative investment manager Ares Management has agreed to acquire Singapore-based private equity firm Crescent Point Capital (CPC) for an undisclosed price.
Established in 2003, Crescent Point Capital has nearly $3.8bn of assets under management, as of 31 March 2023.
The company with approximately 50 professionals has a private equity strategy focused on investing in consumer firms operating in the larger Southeast Asia markets and China.
Crescent Point Capital managing partner David Hand said: “We look forward to joining Ares and we firmly believe that this combination will help further catalyse the growth of our business.
“As part of a leading global brand and scaled platform, we expect to realise several shared benefits that will support our ability to deliver attractive investment returns for our investors, including greater market intelligence and a broader set of local sponsor relationships.”
Upon the closing of the transaction, Crescent Point Capital aims to gain from the advantages of Ares Management’s expanded global platform and network, including the latter’s local market presence in the Asia Pacific region.
According to Ares Management, the deal offers opportunities to improve the private equity firm’s growth through greater access to market intelligence, capital, transaction opportunities, and expanded investor relationships.
Ares Asia head Edwin Wong said: “Similar to Ares, we believe CPC possesses a highly collaborative culture. We believe that they will bring deep private equity experience, relationships and a demonstrated track record of investing in markets that will greatly complement our efforts and footprint in the region.
“The expansion of our local capabilities will also strengthen our position as a creative solutions provider to management teams and sponsors in the market.”
Subject to customary conditions and regulatory approvals, the transaction is expected to close in Q3 2023.
Last month, Ares Management announced that certain funds managed by its Alternative Credit strategy acquired a specialty finance loan portfolio from US-based PacWest Bancorp.
The lender finance portfolio, which was originated by PacWest Bancorp’s lender finance unit, comprises senior secured, asset-backed loans with commitments of nearly $3.5bn.
