Baring Private Equity Asia has become the latest private equity firm to sell a piece of itself, agreeing to sell an equity interest to Florida-based Affiliated Managers Group Inc. (AMG).
The public announcement did not contain any specifics, but Fortune has obtained a memo sent earlier this morning from BPEA to limited partners in its funds. The memo says that AGM will acquire a “15% passive minority interest,” with existing firm management to retain the other 85%. Moreover, Jean Eric Salata has entered into a 10-year employment agreement to remain CEO of BPEA and chairman of its investment committees.
From the memo, which was signed by Salata:
BPEA has more than $8 billion in assets under management, having closed its fifth flagship private equity fund last year with nearly $4 billion in capital commitments. It reports having more than 120 employees spread over seven offices, and more than 30 portfolio companies that generated around $30 billion in 2014 revenue. The pan-Asian firm also has a real estate investment practice.