Investment Supports Long-Term Equity Transition
PRESS RELEASE — WEST CONSHOHOCKEN, PENNSYLVANIA — Rosemont Investment Group, LLC, a permanent capital investor in asset and wealth management firms, is pleased to announce the signing of a definitive agreement to acquire a minority equity interest in 1607 Capital Partners, LLC. Based in Richmond, Virginia, 1607 is a boutique investment management firm, specializing in closed-end funds, with approximately $3.7 billion under management. Rosemont’s investment in 1607 will support the long-term transition of equity within the firm while providing a valuable permanent and strategic partner. There will be no changes to the management of the firm in the near term as a result of the transaction.
“1607 is a premier investor in closed-end funds and an extremely high-quality firm,” said Brad Mook, Managing Director at Rosemont. “We have known the founding principals for a long time and are impressed with the level of talent throughout the firm. We are excited to help broaden the ownership base while allowing 1607 to remain majority employee-owned indefinitely.”
Kirk Tattersall, Founding Partner at 1607, said, “As we searched for the ideal partner to assist us in the pursuit of our strategic goals, Rosemont became the obvious best choice. The team at Rosemont understood what makes 1607 unique, and demonstrated a commitment to our core principles and objectives in structuring a deal that met all of our needs. As we expand ownership to additional members of the team and build on our past success, Rosemont’s unparalleled industry knowledge and network will prove invaluable in our quest for continued excellence at all levels of the firm.”
Cozen O’Connor served as legal representative to Rosemont Investment Group, LLC and Goodwin Procter LLP served as legal representative to 1607 Capital Partners, LLC.
About Rosemont Investment Group, LLC
Rosemont Investment Group is a specialist investor focused exclusively on making investments in asset and wealth management companies, specifically minority positions in support of management buyouts, recapitalizations, ownership transitions, and selected start-ups. In addition to its experience providing capital and employee-driven ownership solutions, Rosemont brings to its partners a deep network and understanding of the investment management industry through more than 30 years of advising and investing in asset and wealth management businesses. Rosemont is backed by capital partner Markel Corporation, a holding company for insurance, reinsurance, and investment operations around the world. For more information visit www.rosemontinv.com.
About 1607 Capital Partners, LLC
1607 Capital Partners is a registered investment advisor specializing in closed-end fund investments. Based in Richmond, Virginia, the firm was formed in 2007 but has roots in closed-end fund investing dating back to the late 1970s. 1607 offers a variety of investment strategies including global, non-US and US equity as well as taxable and non-taxable fixed income strategies. For more information visit www.1607capital.com.