Monday, 22 September 2014
Last updated 1 hour ago
Dec 10 2013 | 12:19pm ET
Houston, Texas-based Salient Partners, a $19.1 billion asset management firm, has acquired Teton Strategic Investments (also Houston-based) to offer selective private equity opportunities to high-net-worth clients.
The value of the deal was not made public.
Teton, founded in 2006 by Michael Mithoff to manage his family office and advise other families on their investments, is heavily focused in the energy and natural resources sector. The firm, with over $175 million in committed assets, has additional experience in the technology, health sciences, growth capital/buyout, secondary and financial services sectors in previous and current p.e. offerings.
Salient said the acquisition will enhance the process around its systematic evaluation and due diligence of PE offerings and enable the firm to use its existing pipeline to secure new options that fit the needs of its clients. In addition to vetting the deals for quality, Salient says Teton will bring new scale to the firm, granting access to deals that were previously inaccessible to many clients who lacked the millions of dollars required to participate. Now, Salient can pool clients’ money into one vehicle with a much lower entry level per qualified purchaser.
“Partnering with Teton has helped us formalize a solution for clients who have long desired access to private equity deals that were out of reach for some clients due to high investment minimums,” said Salient CEO John Blaisdell. “We can now build a regular pipeline of vetted, quality deals and offer them to our wealth clients, matching their risk profiles and potential risk return character.”
Mithoff will work closely with Lee Partridge, Salient CIO, on the continued sourcing of PE transactions to meet Salient’s wealth client needs building diversified portfolios.
Salient expects to conduct roughly four to six deals a year, depending on the availability of quality opportunities.
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