Aksia to acquire PE consultant TorreyCove

Aksia will acquire alternative investments advisory and consulting firm TorreyCove Capital Partners in a deal that is expected to close in the first half of 2020, the firm said Wednesday.

The new firm will advise on more than $160 billion in assets and employ more than 240 people internationally. TorreyCove President & CEO David Fann will become a vice chairman at Aksia, according to Pensions & Investments. TorreyCove’s managing directors—including Michelle Davidson, Kara King, Thomas Martin and Mike Krems—will become partners at Aksia and take on “senior management positions,” according to a press release.

Aksia focuses mainly on private credit and hedge funds, while TorreyCove does private equity and real assets. Aksia has offices in the U.S., the U.K., Asia and Europe while TorreyCove is based in San Diego and has an office in Boston.

Financial terms of the deal were not disclosed.

TorreyCove works as a private equity consultant for many major pensions systems in the U.S. They include San Francisco Employees’ Retirement System, Los Angeles City Employees Retirement System, Oregon Investment Council, and Orange County Employees’ Retirement System.

Teachers’ Retirement System of the State of Illinois decided late last year to replace TorreyCove as its private equity adviser with StepStone Group, Buyouts reported.

Action Items: Read TorreyCove’s form ADV here and Aksia’s here.