Bala Cynwyd-based Hamilton Lane has agreed to acquire 361 Capital to expand its capabilities in private wealth management, writes Jeff Blumenthal for the Philadelphia Business Journal.
The financial terms of the deal have not been disclosed. But It is expected that the acquisition will close before the end of the first quarter.
The Philadelphia region’s largest private equity firm has roughly $574 billion in assets under management and supervision. This deal will increase that number by roughly $1.1 billion in assets under management held by the Denver-based boutique alternative asset management firm.
Hamilton Lane is looking to expand its capabilities specifically for use in the newly launched Hamilton Lane Private Asset Fund. The fund is available to qualified investors in the U.S. and offers a portfolio made up of private equity and private credit assets through a single investment.
The leadership team for 361 Capital, including CEO Tom Florence and President Josh Vail, will continue to work from Denver. The company was founded two decades ago and specializes in using behavioral-driven, quantitative methods to assist advisors in understanding and managing portfolio risk.
Read more about Hamilton Lane at the Philadelphia Business Journal by clicking here.