Kensington Capital Partners Limited (Kensington) is excited to announce that it has signed definitive agreements with AGF Private Capital Inc., the private markets business of AGF Management Limited (AGF), to acquire a majority interest in Kensington.
AGF’s investment in Kensington aims to further accelerate the growth of the firm while preserving the core values and entrepreneurial culture that has driven the organization’s success to date. As part of AGF, Kensington will receive strategic support while retaining its investment and operational independence.
“AGF Private Capital’s strategy is the ideal catalyst for Kensington’s further growth as we look to open doors to new strategies, relationships and regions,” said Tom Kennedy, Chairman and Senior Managing Director, Kensington. “AGF‘s size, scale, reputation and capital to invest in our growth lends the credibility and backing we need as we look to expand our investments, including the launch of additional innovative investment products.”
“We are pleased to continue to manage the business in our leadership roles, while we work closely with Ash Lawrence, Head of AGF Private Capital, and the Kensington Board of Directors,” added Kennedy.
As part of the AGF family, Kensington will benefit from the size and scale of AGF’s $42.8B AUM business, its broad distribution reach, and access to its product development expertise and operating infrastructure. Further, as Kensington looks to expand into the U.S. and overseas markets, AGF’s established relationships and distribution reach into those regions makes them the ideal partner to accelerate the firm’s growth initiatives.
The transaction is expected to close in Q2 2024 subject to the receipt of certain regulatory approvals and closing conditions. This agreement marks an exciting chapter as AGF pledges a strategic investment of $45 million, securing a majority stake of 51% in Kensington. Kensington employees will maintain a 49% ownership interest in the firm, with ownership broadly held by Kensington’s three Senior Managing Directors. To read AGF Private Capital’s full press release visit AGF Private Capital.
About Kensington Capital Partners Limited
Founded in 1996, Kensington Capital Partners Limited (Kensington) is a Canadian alternative asset manager with offices in Toronto, Calgary and Vancouver. Kensington’s mission is to back good management teams to build great businesses, and in doing so, create top-performing investment solutions for investors. Kensington has assets under management of $2.6 billion, managed across several active funds covering venture capital, growth equity and mid-market buyouts.
About AGF Management Limited
Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three distinct business lines: AGF Investments, AGF Private Capital and AGF Private Wealth.
AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.
Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With nearly $43 billion in total assets under management and fee-earning assets, AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.
About AGF Private Capital
AGF Private Capital, AGF’s private markets business, combines diversified private alternative capabilities alongside participation as a core investor in bespoke and distinct opportunities that aim to deliver added value for the firm’s shareholders and clients.