iM Global Partner selects talented, independent asset management companies and forms long-term partnerships with them by directly acquiring equity stakes in these partner firms.
Eurazeo has supported iM Global Partner’s management team since the company was founded, bringing its long-term vision and solid financial profile, which are ideally suited to iM Global Partner’s market. Additionally, Eurazeo’s teams offer the benefit of their specific investment and M&A expertise.
In the first quarter of 2021, Eurazeo sold 20% of its stake in iM Global Partner. The sale generated proceeds of around €70 million for Eurazeo, representing a cash-on-cash multiple of 2.1x and an internal rate of return (IRR) of 21%.
Following this transaction, Eurazeo held a 52% stake in iM Global Partner.
iM Global Partner had $32.7 billion in assets under management (based on its share of ownership interests) as of June 30, 2022, up 20% year on year. This growth was driven in particular by its acquisitions of a 45% stake in Richard Bernstein Advisors and a 42% stake in Asset Preservation Advisors, as well as the deal to acquire DDJ Capital closed by its partner Polen Capital. Assets under management were down 19% relative to end-2021 in the current environment of macroeconomic uncertainty.