AlTi (US:ALTI) Businesswireยท2024-02-22 13:30Core Viewpoint - AlTi Global, Inc. has announced a strategic investment of up to $450 million from Allianz X and Constellation Wealth Capital to enhance its wealth management and alternatives business, aiming to expand its global presence and capabilities [1][2][3]. Investment Details - Allianz X will invest up to $300 million, comprising $110 million in newly issued Class A Common Stock and $140 million in Series A Convertible Preferred Stock, with an option for an additional $50 million [6][7]. - Constellation Wealth Capital will invest $150 million in newly created Series C Convertible Preferred Stock [6][7]. - The initial investment of $115 million is expected to close by March 31, 2024, with an additional $35 million closing by June 30, 2024 [7]. Strategic Goals - The capital will primarily fund AlTi's mergers and acquisitions pipeline and organic growth activities, enhancing its ultra-high-net-worth wealth management services [2][3]. - The partnership with Allianz and CWC is expected to provide additional solutions for clients, leveraging their industry expertise and relationships [2][4]. Leadership Changes - Following the investment, Allianz X will appoint two directors to AlTi's Board, while CWC will have an observer seat [2][6]. Company Background - AlTi Global manages approximately $68 billion in combined assets and focuses on providing fiduciary capabilities and alternative investment strategies [10]. - Allianz X is an investment arm of Allianz SE, focusing on digital frontrunners in insurance and asset management, with a portfolio of over 25 companies [11][12].