AlTi Global Raises $300 Milliom Investment From Allianz X
AlTi Global, a leading independent global wealth and alternatives manager with over $70 billion in combined assets, announced the closing of a strategic investment of up to $300 million by Allianz X. Allianz X, an investment arm of Allianz SE (XETRA: ALV), one of the world’s leading insurers and asset managers with around 125 million private and corporate customers in almost 70 countries, has made an investment of $250 million, through one of its affiliates, and has the option to invest up to an additional $50 million.
This investment is part of the previously announced strategic investment of up to $450 million from Allianz X and Constellation Wealth Capital (“CWC”). The $150 million investment from CWC, an alternative asset management platform specializing in making tailored investments in well-positioned wealth management firms, closed earlier this year and was used to fund the acquisitions of East End Advisors and Envoi, LLC in April and July, respectively.
AlTi expects to use the capital principally to continue to fund its mergers and acquisitions pipeline and organic growth activities. This will expand the scale and reach of AlTi’s global ultra-high-net-worth wealth management and strategic alternatives business in existing and new markets, leveraging the industry expertise and relationships of both Allianz and CWC. The partnership with Allianz offers opportunities to provide additional solutions to service both companies’ clients more holistically.
In connection with the closing of the investment, Andreas Wimmer, Member of Board of Management of Allianz SE, Asset Management, US Life Insurance, and Nazim Cetin, Chief Executive Officer of Allianz X, will be appointed to the AlTi board.
Under the terms of the agreement AlTi sold 140,000 shares of newly created Series A Cumulative Convertible Preferred Stock and 19,318,580.96 shares of AlTi’s Class A common stock, for a purchase price equal to $250 million, and issued warrants for 5,000,000 shares of Class A common stock. Further details are included in the Company’s current report on Form 8-K filed with the Securities and Exchange Commission.
