Wednesday, 30 July 2014
Last updated 11 min ago
Sep 30 2013 | 12:36pm ET
The Los Angeles-based TCW Group has acquired a private equity firm that specializes in 'socially responsible investing.'
The terms of the deal that will see TCW take over Craton Equity Partners, also Los Angeles-based, were not revealed.
Founded in 2006, Craton provides growth capital to venture-backed companies within the sustainability, resource efficiency and carbon-reducing technology sectors. The firm has $241.5 million in assets under management and typically invests in companies with low-capital requirement business models that generally operate independent of any tax credits and government subsidies.
Craton managing partners Bob MacDonald and Tom Soto will become managing directors at TCW/Craton while Craton managing partner Kevin Wall becomes a senior advisor and Craton partner David Asarnow becomes a senior vice president and director of investments.
All the former Craton Equity partners will be on the investment committee for TCW/Craton, joined by Ravich and David Wang, director of alternatives at TCW. All TCW/Craton employees will be relocated to TCW’s Los Angeles office.
“The acquisition of Craton Equity further expands our alternative asset management platform at a time when institutional investors are increasingly issuing mandates for socially responsible investing,” said Jess M. Ravich, group managing director and head of alternative products at TCW, in a statement.
Founded in 1971, The TCW Group has over $130 billion in assets under management.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…