Private equity firm Rosemont Investment Partners has partnered with the management of Riverview Alternative Investment Advisors, a $1.5 billion fund of hedge funds, to buy Nationwide Mutual Insurance Company’s majority interest in the hedge fund.

Riverview will now be majority-owned by its management team and minority-owned by Rosemont.

Steve Turi, Riverview’s co-founder, said the deal was a “natural move” for the firm and Nationwide.

“We wanted a management buyout because we believe it will create a seamless transition for clients,” he said.

Genie Logue, a principal of Rosemont, said Riverview is Rosemont’s fifteenth asset management investment and the firm’s first investment in the alternative asset management arena.