Australia-based funds management business Pengana Capital Group has actually reached an offer to offer its 65% direct equity stake in Lizard Investors for a concealed amount.
With head office in Chicago, Lizard is a possession management company that provides little to mid-cap equities around the world.
The brand-new offer will be performed under a management buyout effort led by Lizard primary financial investment officer and portfolio supervisor Jon Moog.
In a declaration, Pengana said: “Whilst Pengana will continue to enjoy a close relationship going forward with Lizard, following a strategic review it was concluded that Lizard would thrive and be able to attract and retain talent if wholly owned by the management team.”
Pengana included: “The divestment will not, in any way, impact arrangements between Pengana and Lizard regarding the management of the Pengana Global Small Companies Fund, which have been in place for nearly eight years, predating Pengana’s investment in Lizard by nearly five years.”
The company anticipates to understand revenues accretive from the selling of the Lizard stake in the 2nd half of this year.
The sale will minimize Pengana’s reported overall funds under management (FUM) by around A$258m ($179m), kept in mind the business.
In November 2019, Pengana revealed its intent to purchase a stake in Lizard, without revealing the figure.
In 2015, both the company introduced a joint endeavor to sub-advise the Pengana Global Small Companies Fund.
