Pacific Current Group (PAC) has agreed to sell its stake in alternative investment manager Carlisle Management Company as part of US-based Abacus Life’s acquisition of Carlisle.

Namely, Abacus will purchase Carlisle by acquiring 100 percent of its equity in exchange for a combination of Abacus bonds and common stock.

In an ASX announcement on Friday, PAC specified that its interest entitles it to 16 per cent of Carlisle’s gross revenues and 40 per cent of all net sales proceeds.

The deal, PAC confirmed, is expected to give the boutique asset manager 1.99 million newly issued Abacus bonds with a coupon of 9.875 percent, at an expected total aggregate face value of US$49.7 million.

Commenting on the deal, PAC Chairman Tony Robinson noted: "The sale of Carlisle to Abacus marks another very successful investment for PAC."

“We have tremendous respect for the entire Carlisle team and recognize that the opportunity to combine with Abacus is strategically valuable for both businesses. We wish them continued success,” Robinson continued.

In addition, PAC will receive 1.37 million shares of Abacus common stock and will have access to 90 percent of the aggregate closing value. The remaining 10 percent of total revenue, the PAC explained, will be retained for 18 months after closing.

As of July 18, total net revenue for the PAC is estimated at $61.2 million.

In May, the boutique asset manager also announced it had sold part of its stake in US-based real estate private equity firm Pennybacker Capital Management, having first bought a minority stake in the alternative investment manager in November 2019.

PAC has confirmed the sale of a partial interest in Petershill Partners to Goldman Sachs Asset Management, which is a diversified, publicly listed, global alternative investment group focused on private equity and other private equity strategies.

Also this year, GQG Partners announced that it had entered into an agreement with PAC to acquire minority interests in three of PAC's US-based affiliates, namely Avante Capital Partners, Proterra Investment Partners and Cordillera Investment Partners, for a total cash consideration of US 71, 2 million dollars.

The boutiques represent the foundational investments for recently launched GQG Private Capital Solutions, marking GQG's first foray into private markets operating independently of the company's traditional global equity business.