U.S-based alternative investment group Ares Management Corp has agreed to fully acquire Singapore-headquartered private equity firm Crescent Point Capital, according to a statement on Tuesday.
“We believe that CPC is an excellent platform that will further enhance our footprint and capabilities in the region,” said Ares CEO and President Michael Arougheti.
Ares did not disclose the value of the deal but said the transaction offered an opportunity for it to capitalise on the growth prospects for dedicated Asia-Pacific private equity strategies.
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Founded in 2003, Crescent Point, or CPC, had $3.8bn of assets under management as of March 31 and employs 50 staff with a presence in Singapore, China, Indonesia, the Philippines and Vietnam, according to the statement.
The transaction is expected to close in the third quarter of this year, Ares said in the statement.
Source: Reuters
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