Spear Street Capital Announces Strategic Minority Investment by Bonaccord Capital Partners
Pursuant to the transaction, Bonaccord acquired a passive, non-voting minority interest and will provide capital to support the future growth of the firm. The transaction will have no impact on the day-to-day management or operations of Spear Street. Terms of the transaction were not disclosed.
Spear Street Founder John Grassi said: "This strategic investment from Bonaccord provides additional resources to ensure the long-term stability of our investment platform. We are pleased to broaden an existing relationship with ASI through its Bonaccord unit."
Ajay Chitkara, Head of Bonaccord, which specializes in acquiring long-term interests in private market managers, said: "We are excited by our strategic investment in Spear Street and look forward to deepening our relationship with the team. Spear Street has built a world-class investment platform, with an exceptional long-term track record of investment success. The firm's unique investment approach, vertically-integrated team of experienced professionals and broad industry relationships make this a particularly compelling investment for Bonaccord."
Berkshire Global Advisors advised Spear Street on the transaction. Kirkland & Ellis LLP and Pillsbury Winthrop Shaw Pittman LLP served as legal counsel to Spear Street. Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to Bonaccord.
About Spear Street Capital
Founded in 2001, Spear Street Capital is an owner and operator of distinctive office properties located in the United States, Canada and Europe. The Firm focuses on assets and portfolios greater than $25 million in total value, targeting well-conceived and located properties that can succeed through creative leasing efforts, physical improvements, entitlement changes or realization of adaptive re-use strategies. Properties may be located in both primary and secondary markets provided they possess, or can attain, superior appeal to quality tenants.
About Aberdeen Standard Investments1
ASI is a leading global asset manager with $644.5 billion in assets under management and 50 offices worldwide. Additionally, ASI has a differentiated and comprehensive perspective on the alternative investment landscape through its platform, managing approximately $34 billion in allocations to third-party alternative asset managers across private equity, real assets, real estate and hedge fund strategies. The BCP team aims to leverage ASI's global footprint and alternatives capabilities to support Spear Street's strategic initiatives.
1. Standard Life Aberdeen AUM as of December 31, 2019
Important Information Regarding ASI
ASI is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments. In the United States, Aberdeen Standard Investments is the marketing name for the following affiliated, registered investment advisers: Aberdeen Standard Investments Inc., Aberdeen Asset Managers Ltd., Aberdeen Standard Investments Australia Ltd., Aberdeen Standard Investments (Asia) Ltd., Aberdeen Capital Management LLC, Aberdeen Standard Investments ETFs Advisors LLC and Standard Life Investments (Corporate Funds) Ltd. Bonaccord Capital Partners is a division of ASI.