RYE, N.Y.--(BUSINESS WIRE)--Associated Capital Group, Inc. announced today that it intends to launch a new private equity investment management business focused on leveraged buyouts and restructuring of small and mid-sized companies. AC has recently formed Gabelli Private Equity Partners, LLC, a Nevada limited liability company, to manage a private equity portfolio that is expected to be funded with up to $150 million of the Company’s capital.
Commenting on the new initiative, Doug Jamieson, CEO of the Company said, “GPEP is a logical extension of Gabelli’s investment platform based on our 40 year history of valuing companies on a private market value basis. As further background, in the mid-80’s, we launched a private equity fund, Gabelli-Rosenthal, which had in excess of $300 million of capital (in today’s dollars).
About Associated Capital Group, Inc.
The Company was spun-off from GAMCO on November 30, 2015. The Company manages proprietary capital and operates its private fund investment management business via Gabelli & Company Investment Advisers, Inc. (“GCIA” f/k/a/Gabelli Securities, Inc.), its 100% owned subsidiary.
GCIA and its wholly owned subsidiary, Gabelli & Partners, collectively serve as general partners or investment managers to investment funds including limited partnerships, offshore companies and separate accounts. The Company primarily manages assets in equity event-driven strategies, across a range of risk and event arbitrage portfolios. The business earns fees from its advisory assets, and income (loss) from proprietary trading and investment portfolio activities. The advisory fees include management and incentive fees. Management fees are largely based on a percentage of the portfolios assets under management. Incentive fees are based on the percentage of profits derived from the investment performance delivered to clients' invested assets. GCIA is registered with the Securities and Exchange Commission as an investment advisor under the Investment Advisers Act of 1940, as amended.
The Company operates its institutional research services business through G.research (doing business as Gabelli & Company), a wholly owned subsidiary of Institutional Services Holdings, LLC which in turn is a wholly owned subsidiary of the Company. G.research is a broker-dealer registered under the Securities Exchange Act of 1934, as amended, that provides institutional research services and acts as an underwriter.