WEST
PALM BEACH, Fla. and NEW
YORK, Dec. 4, 2024 /PRNewswire/ -- RiverNorth
Capital Management, LLC (RiverNorth), an investment manager
that specializes in opportunistic strategies and closed-end funds,
and Kudu Investment Management, LLC (Kudu), a provider of permanent
capital solutions to asset and wealth managers globally, today
announced that Kudu has made a passive, minority investment
in RiverNorth to support the firm's growth. Financial terms
were not disclosed.
Founded in 2000, RiverNorth manages $5.2
billion of assets in registered funds, private funds and
separately managed accounts that seek to identify and profit from
inefficiencies in niche markets. With offices in West Palm Beach, Florida, and Chicago, RiverNorth remains majority
employee-owned and controlled. Patrick
Galley, CEO and chief investment officer, continues to lead
the firm.
"In Kudu we have found a strategic partner that understands our
boutique investment culture and shares our entrepreneurial spirit,"
Galley said. "Kudu has the capital, expertise, and global network
to support our growth both organically and inorganically as we
expand our closed-end fund platform and continue to generate
superior long-term performance for our clients."
"RiverNorth has built a prominent franchise as a manager in
niche capital markets segments and as a leading sponsor of
closed-end funds. Our goal is to support the RiverNorth team as
they execute their strategic growth plans," said Rob Jakacki, Kudu's CEO.
This represents New York-based
Kudu's 27th permanent capital investment, spanning asset
and wealth managers across the U.S., Canada, U.K.,
and Australia. Kudu's partner firms collectively invest
approximately $123 billion, as of Sept. 30, 2024, on
behalf of individual and institutional investors worldwide in
traditional and alternative strategies and market segments.
Seward & Kissel LLP was legal counsel and Colchester
Partners LLC and Regions Securities LLC were financial advisors to
RiverNorth. Seward & Kissel LLP also served as legal advisor to
Kudu.
About RiverNorth Capital Management
RiverNorth Capital
Management, LLC is an investment management firm founded in 2000.
With $5.2 billion in assets under
management as of Sept. 30, 2024,
RiverNorth specializes in opportunistic strategies and structures
built to exploit market inefficiencies. For more information, visit
www.rivernorth.com
About Kudu Investment Management
Kudu provides
long-term capital solutions—including generational ownership
transfers, management buyouts, acquisition and growth finance, as
well as liquidity for legacy partners—to independent asset and
wealth managers globally. Kudu was founded in 2015 and is backed by
capital partners White Mountains Insurance Group, Ltd.
(NYSE: WTM) and MassMutual. For more information, visit
www.kuduinvestment.com.
Media Contacts for Kudu Investment Management
Margaret Kirch Cohen/Richard Chimberg
Newton Park PR
+1 847-507-2229
+1 617-312-4281
margaret@newtonparkpr.com
rich@newtonparkpr.com
Media Contact for RiverNorth Capital
Management
Mo Shafroth
RF| Binder Partners
+1 720-470-3653
morrison.shafroth@rfbinder.com
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SOURCE Kudu Investment Management, LLC