News & Analysis

Duff and Phelps takes on new backer

As part of a new deal, The University of California has taken a minority stake in the valuation services provider while a major GP has increased its own investment in the company.

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The University of California (UC) investment office has acquired a “significant minority investment” in Duff & Phelps, according to a press release. 

As part of the deal, The Carlyle Group, alongside senior Duff & Phelps managers, increased their own respective minority stakes in the valuation services provider.

The sellers are Stone Point Capital, Edmond de Rothschild Group and Pictet Group. Further details of the transaction, expected to close by end of year, were not disclosed.

“We want to invest in businesses that have a history of operating success, are resilient to changing economic conditions, and benefit from patient and long-term capital to execute on the management team's strategic plan,” said UC chief investment officer Jagdeep Singh Bachher.

He added that the university is “excited to continue to build off its strong co-investment track record” and will be seeking investment opportunities “to directly partner with others and leverage our advantage as a long term investor.” 

Kirkland & Ellis served as the legal advisor to the selling stockholders while Wachtell, Lipton, Rosen & Katz served as the legal advisor for the investors.