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The firm has taken a 20% stake in Singular, which has previously helped it raise more than $750m across eight vehicles.
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The strategy has experienced a spike in fundraising, and market players don’t think that will slow down anytime soon.
The New York-based investment bank and newly-formed Stonyrock are just the latest entrants into one of alternative asset’s booming sectors: taking non-control positions in private markets managers.
LPs plan to maintain their allocations to the asset class and rank a strong GP track record as the most important factor in due diligence.
The vehicle, managed by Darby Overseas Investments, will be used to invest in mid-market companies with at least some of their revenue in US dollars.
Prudential Capital Group and Credit Suisse are setting their sights on the region, but volatility and ‘non-linear’ growth are challenges.
Much of the total comes from a $100m allocation from the University of Michigan.
The deal will allow Latitude20 to increase its loan size by $10m.
Latitude 20 Capital Partners’ Eimaad Ahmed says political and infrastructure conditions in Paraguay have allowed it to take greater advantage of the US-China trade war than its Latin American peers.
The development-focused asset manager has clinched a pledge from Kempen Capital for its new fund, which targets up to $300m over the next three years to support ag lending in the developing world.
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