New Holland Capital acquires majority stake in municipal credit manager Foundation Credit

New Holland Capital has acquired a majority stake in Foundation Credit, an alternative asset manager focused on US municipal credit and infrastructure debt. Alternative Credit Investor first reported the transaction on Oct. 14.

New Holland, a New York-based multi-strategy manager, runs more than $8.3bn in absolute return strategies for institutional clients, with a particular focus on multi-strategy hedge funds and private credit. The transaction builds on a relationship between the two firms that stretches back more than a decade, and New Holland will also invest in Foundation's municipal credit and infrastructure debt strategies.

Under the partnership, New Holland and its strategic partner AGF Capital Partners are expected to pool resources to support distribution and product development for Foundation's strategies, and New Holland will help broaden Foundation's product range, the firms said.

Foundation chief executive Hector Negroni will continue to lead the firm and retain control of its day-to-day operations and investments, the manager said. "Their reputation and acumen within the alternative asset universe will be pivotal in helping us execute our vision of building a bridge between global institutional investors and the compelling but fragmented opportunity set in US infrastructure debt and municipal credit," Negroni said.

Foundation was founded in 2012 and manages capital for institutional investors including pensions, endowments, foundations, insurance companies and family offices.