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New Details Emerge on AMG’s Deal with Baring Private Equity Asia

Fa Yuen Street Market, Hong Kong, ChinaPhotograph by Peter Adams via Getty Images

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.