PAC to buy minority stake in Avante Capital Partners, a private credit firm in Los Angeles

Pacific Current Group Limited (ASX: PAC), a globally diversified asset management company, has officially entered into a binding agreement to acquire a minority ownership interest in Avante Capital Partners (Avante), an investment management firm specializing in private credit and structured equity, headquartered in Los Angeles, California.

Pacific Current is set to acquire a 24.9% equity stake in Avante, with a total investment of up to US$40 million, comprising an initial payment of US$15 million at the closing of the transaction, an additional US$13 million payable one year after the closing, and the possibility of up to an extra US$12 million contingent upon achieving specific growth milestones. Pacific Current anticipates that its investment will generate management fees ranging from US$1.5 million to US$2.5 million in CY24.

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