RiverNorth Capital Management Partners With Kudu Investment Management to Support Expansion

Rhea-AI Summary

RiverNorth Capital Management, an investment manager specializing in opportunistic strategies and closed-end funds, has secured a passive, minority investment from Kudu Investment Management. Founded in 2000, RiverNorth manages $5.2 billion in assets across registered funds, private funds, and separately managed accounts.

The partnership aims to support RiverNorth's growth while maintaining its majority employee ownership and control. This marks Kudu's 27th permanent capital investment, with their partner firms collectively managing approximately $123 billion as of September 30, 2024. The financial terms of the investment were not disclosed.

Positive

• RiverNorth manages substantial assets of $5.2 billion
• Strategic partnership with Kudu provides access to growth capital and expertise
• Maintains majority employee ownership and control post-investment

Negative

• None.

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WEST PALM BEACH, Fla. and NEW YORK, Dec. 4, 2024 /PRNewswire/ -- RiverNorth Capital Management, LLC (RiverNorth), an investment manager  that specializes in opportunistic strategies and closed-end funds, and Kudu Investment Management, LLC (Kudu), a provider of permanent capital solutions to asset and wealth managers globally, today announced that Kudu has made a passive, minority investment in RiverNorth to support the firm's growth. Financial terms were not disclosed.

Founded in 2000, RiverNorth manages $5.2 billion of assets in registered funds, private funds and separately managed accounts that seek to identify and profit from inefficiencies in niche markets. With offices in West Palm Beach, Florida, and Chicago, RiverNorth remains majority employee-owned and controlled. Patrick Galley, CEO and chief investment officer, continues to lead the firm.

"In Kudu we have found a strategic partner that understands our boutique investment culture and shares our entrepreneurial spirit," Galley said. "Kudu has the capital, expertise, and global network to support our growth both organically and inorganically as we expand our closed-end fund platform and continue to generate superior long-term performance for our clients."  

"RiverNorth has built a prominent franchise as a manager in niche capital markets segments and as a leading sponsor of closed-end funds. Our goal is to support the RiverNorth team as they execute their strategic growth plans," said Rob Jakacki, Kudu's CEO.  

This represents New York-based Kudu's 27^th permanent capital investment, spanning asset and wealth managers across the U.S., Canada, U.K., and Australia. Kudu's partner firms collectively invest approximately $123 billion, as of Sept. 30, 2024, on behalf of individual and institutional investors worldwide in traditional and alternative strategies and market segments.

Seward & Kissel LLP was legal counsel and Colchester Partners LLC and Regions Securities LLC were financial advisors to RiverNorth. Seward & Kissel LLP also served as legal advisor to Kudu.

About RiverNorth Capital Management
RiverNorth Capital Management, LLC is an investment management firm founded in 2000. With $5.2 billion in assets under management as of Sept. 30, 2024, RiverNorth specializes in opportunistic strategies and structures built to exploit market inefficiencies. For more information, visit www.rivernorth.com 

About Kudu Investment Management
Kudu provides long-term capital solutions—including generational ownership transfers, management buyouts, acquisition and growth finance, as well as liquidity for legacy partners—to independent asset and wealth managers globally. Kudu was founded in 2015 and is backed by capital partners White Mountains Insurance Group, Ltd. (NYSE: WTM) and MassMutual. For more information, visit www.kuduinvestment.com.

Media Contacts for Kudu Investment Management 
Margaret Kirch Cohen/Richard Chimberg
Newton Park PR
+1 847-507-2229
+1 617-312-4281
margaret@newtonparkpr.com
rich@newtonparkpr.com

Media Contact for RiverNorth Capital Management
Mo Shafroth
RF| Binder Partners
+1 720-470-3653
morrison.shafroth@rfbinder.com

View original content:https://www.prnewswire.com/news-releases/rivernorth-capital-management-partners-with-kudu-investment-management-to-support-expansion-302322426.html

SOURCE Kudu Investment Management, LLC

FAQ

How much assets does RiverNorth Capital Management manage?

RiverNorth Capital Management manages $5.2 billion in assets across registered funds, private funds, and separately managed accounts.

What type of investment did Kudu make in RiverNorth?

Kudu Investment Management made a passive, minority investment in RiverNorth Capital Management to support the firm's growth.

How many permanent capital investments has Kudu made?

This represents Kudu's 27th permanent capital investment, with partner firms collectively managing approximately $123 billion as of September 30, 2024.