Azimut Alternative Capital Partners’ Acquisition of Equity Interest in Kennedy Lewis

Seward & Kissel LLP served as legal advisor to Kennedy Lewis, while Sidley Austin LLP served as legal advisor to AACP in the transaction.

Azimut Group, one of Europe’s largest independent asset managers, via its U.S. subsidiary Azimut Alternative Capital Partners, LLC (AACP), entered into agreements to acquire a minority equity interest in Kennedy Lewis Investment Management LLC, a leading opportunistic private credit investment management firm headquartered in NYC. This investment marks AACP’s first deal in the U.S. private markets.

The transaction entails AACP acquiring a ca. 20% equity interest as permanent capital in various Kennedy Lewis entities. Approximately 90% of proceeds from the transaction will be used to increase Kennedy Lewis’ investments in its own funds.

AACP is part of Azimut, which was established in 1989, headquartered in Milan, Italy with a presence in 17 countries around the world, and has in excess of €55bn (equivalent to ca. $65bn) in total AUM. AACP was set up in November 2019 with the purpose of partnering with US-based alternative asset managers by providing them with permanent capital to grow and reach their greatest business potential.

Kennedy Lewis was founded in 2017 by David Chene and Darren Richman, and currently has ca. $2.1bn in combined AUM and committed capital. Kennedy Lewis pursues event-driven credit situations in which an idiosyncratic catalyst may unlock investment value. Based in New York City, it currently employs 28 professionals, including 19 investment professionals.

Houlihan Lokey served as financial advisor to Kennedy Lewis.

Seward & Kissel LLP represented Kennedy Lewis in this deal with a team including corporate partners Craig Sklar (Picture) and Gary Anderson and associate Dora Pulido, along with tax partner Jon Brose and employment counsel Julia Spivack.

Involved fees earner: Gerhard Anderson – Seward & Kissel LLP; Jon Brose – Seward & Kissel LLP; Dora Pulido – Seward & Kissel LLP; Craig Sklar – Seward & Kissel LLP; Julia Spivack – Seward & Kissel LLP;

Law Firms: Seward & Kissel LLP;

Clients: Kennedy Lewis Investment Management LLC;

Author: Ambrogio Visconti