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Advent International agreed to buy a minority interest in money-management firm Fisher Investments, the companies announced Sunday.
Advent and the Abu Dhabi Investment Authority agreed to invest between $2.5 billion and $3 billion in a deal that values Fisher at about $13 billion.
“This transaction is aimed dually at estate tax and planning purposes while assuring that FI will maintain its traditional culture, growth evolution and devotion to exceptional client service,” Ken Fisher, the company’s founder, said in a statement. “This transaction with an atypically long holding period for a private equity transaction will ensure FI’s long-term private independence and culture.”
The deal is notable as the first outside investment in Fisher, whose previous ownership was limited to family and employees. Fisher himself will maintain ownership exceeding 70%.
Fisher oversees more than $275 billion for more than 150,000 clients worldwide, including 120,000 U.S. private clients. The firm manages investments for pensions, governments and college endowments. It also has a significant 401(k) advisory.
Advent in April agreed to buy Nuvei, a Canadian payments processor, in a deal valued at approximately $6 billion including debt.
