TorreyCove managers to buy Mitsubishi Corp ownership stake

  • Senior managers to buy out Mitsubishi stake
  • Deal to close around late February
  • TorreyCove has won number of mandates over the years

The senior management team at TorreyCove Capital Partners, private equity consultant to a number of public pensions, has agreed to acquire the ownership stake in the firm held by Mitsubishi Corp, according to a client communication seen by Buyouts.

The managers include President and Chief Executive David Fann and Managing Directors Michelle Davidson, Kara King and Thomas Martin, the communication shows.

The transaction is expected to close on or before Feb. 28, 2017, the memo said. Once the deal closes, the senior management group, along with other TorreyCove employees, would own 100 percent of the firm.

Fann declined to comment Tuesday. TorreyCove became the new name of PCG Asset Management when Pacific Corporate Group sold its around 80 percent stake in the firm to Mitsubishi Corp at the end of 2011. TorreyCove retained a minority stake in the firm, Buyouts reported at the time.

The firm has won major public-pension mandates over the years, including the PE-consulting role with New Jersey’s state pension system in 2015.

The firm also works with, among others, Tennessee Consolidated Retirement System, City of Philadelphia pension systemNew York State Teachers’ Retirement System, Ohio Police and Fire Pension Fund, Indiana Public Employees’ Retirement Fund, New Mexico Public Employees Retirement Association and San Francisco Employees’ Retirement System.

Action Item: For more information about TorreyCove contact Kiersten Pinard:

Photo of TorreyCove CEO David Fann courtesy of the firm.