Azimut Group has reached an agreement with Petershill, a division of Goldman Sachs Asset Management, for the sale of its entire stake in Kennedy Lewis Investment Management (KLIM) for $225 million in cash. Originally, Azimut’s investment in KLIM amounted to $60 million.
Operating through its subsidiary Azimut Alternative Capital Partners (AACP), Azimut focuses on acquiring minority stakes in mid-market private market managers primarily in the United States, spanning private equity, private debt, infrastructure, and real estate sectors.
KLIM, founded in 2017 by David Kennedy Chene and Darren Lewis Richman, specializes in private debt investment management, overseeing closed-end funds, a Business Development Company, and collateralized loan obligations across various sectors and regions. At the time of Azimut’s initial investment in July 2020, KLIM managed approximately $2 billion in assets under management (AUM), which has since grown to around $14 billion.
This divestiture marks the first investment Azimut made through AACP, which now boasts a portfolio including Pathlight Capital, Roundshield Partners, HighPost Capital, and Broadlight Capital. With this sale, AACP’s affiliated AUM has surged to nearly $7 billion, reflecting a remarkable 57% increase from the date of the initial investment.