NEW YORK, January 4, 2024 – Alger Group Holdings, LLC. (“Alger”), a privately-held, women-owned and minority-led growth equity investment manager, today announced it has agreed to acquire Newton, Massachusetts-based Redwood Investments, LLC (“Redwood”), a specialized global growth equity manager with over $1.6 billion in assets under management.
The acquisition of Redwood, an independent, majority woman-owned firm, will bring 20 years of investment experience managing international and U.S.-domestic portfolios to Alger. Redwood follows a fundamental, bottom-up stock selection process across its equity strategies, which is complementary to Alger’s existing investment approach and research process within its U.S. and global portfolios.
“We are thrilled to be acquiring Redwood, a boutique investment specialist that has an outstanding track record and team, shared alignment with clients, and global perspectives that will benefit our clients in the U.S., Europe and Asia,” said Dan Chung, CEO and Chief Investment Officer of Alger. “Redwood’s cross-portfolio insights and qualitative and quantitative approach to analyzing growth equity companies will complement our investment process across our existing portfolios.”
“As Alger continues its international expansion with the build out of our office in London and our sales presence in Singapore, the combination with Redwood will offer deep investment expertise, especially Redwood’s non-U.S. investment capabilities to our clients in the U.S. and across Europe and Asia. This will provide our customers in-depth insights on global and emerging markets, industry trends, and company-specific analysis,” said Fred Alger & Company, LLC, President and Chief Distribution Officer Christoph Hofmann, CFA.
Upon closing, Redwood will become a wholly-owned subsidiary of Alger. Redwood will maintain its independent investment process and team, led by Co-founders, Co-Chief Investment Officers and Managing Partners, Jennifer Silver and Michael Mufson. Alger is proud to be a committed women-owned, minority-led firm in its third generation of leadership and this transaction enables Redwood to remain a women-owned, women-managed emerging manager. Redwood will leverage Alger’s global marketing and sales teams and administrative functions.
Following the transaction, Redwood will become the sub-advisor to Alger’s International Focus, Emerging Markets and Global Focus funds.
“We are excited to join the incredible team at Alger, who have been a recognized leader in growth equity for 60 years, and which, like us, have succeeded by remaining focused on a singular investment philosophy and process since inception,” said Michael Mufson, Co-founder, Co-CIO and Managing Partner at Redwood. “Our firm will greatly benefit from the significant distribution channels that Alger has built while enabling the investment team to stay focused on clients’ portfolios,” added Jennifer Silver, Co-founder, Co-CIO and Managing Partner.
The deal is subject to customary closing conditions and is expected to close on or about January 31, 2024. Third Street Partners assisted Alger with this transaction.
CONTACTS:
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Prosek Sheila Kulik 203-745-2523 pro-alger@prosek.com
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Alger Scott A. Anderson 212-806-2972
mediarelations@alger.com
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