Azimut makes its first exit in the GP Staking sector. Agreement with Petershill on KLIM

Azimut makes its first exit in the GP Staking sector

(Finance) – The Group Azimuththrough the subsidiary Azimut Alternative Capital Partners (AACP), e Petershillan investment company listed in London and managed by Goldman Sachshave entered into binding agreements for acquire Azimut’s entire stake in Kennedy Lewis Investment Management (KLIM) for a total consideration entirely in cash of 225 million dollars. Azimut’s initial investment for its stake in KLIM amounted to $60 million.
Azimut, through AACP, operates in GP Staking sector by acquiring minority stakes in private markets managers predominantly American in the mid-market segment operating in private equity, private debt, infrastructure and real estate. KLIM was the first investment AACP made in July 2020 when the company had approximately $2 billion in AUM compared to the approximately $14 billion it currently manages.

“As we highlighted at the beginning of the year, this second, significant special operation – after the one announced on March 28th – demonstrates the quality (not considered by most of the market) of our partnerships abroad, in particular in the US market which is the largest and most sophisticated in the world for what concerns Private Markets – commented Pietro Giuliani, President of the Azimut Group – This transaction means creating real value for our shareholders and confirms the validity of our path undertaken many years ago aimed at international expansion and growth in alternative investments, which constitute a unique opportunity for our clients in terms of breadth of product range and above all results”.

“Our strategy to bring out the value of Azimut Holding shares is coming to fruitionand with today’s news we remain even more convinced that the share portion of the dividend should express a value higher than the 0.40 euro per share proposed to the Assembly – he added – I remember that we have around 35 operating companies outside Italy (part of the 130 subsidiaries and 19 affiliates abroad) with assets under management and customers whose value is not currently reflected in that of the Azimut share”.

In addition to KLIM, AACP has completed four investments including Pathlight Capital, Roundshield Partners, HighPost Capital and Broadlight Capital. Following this transaction, AACP affiliates’ AUM reached nearly $7 billion, up 57% from the initial investment date.

“Despite this exit, we are committed to continuing to grow in the GP Staking landscape with a focus on the Lower/Middle-Market segment as well as the broader Private Markets space, both in the US and globally,” he said. Giorgio Medda, CEO of the Azimut Group – This transaction demonstrates the ability to achieve successful exits towards consolidated buyers in the GP Stakes sector”.