Savanna, a New York City-based, vertically integrated real estate investment manager, owner/operator and developer, has sold a passive, minority equity stake to TK Partners, a consortium of institutional investors led by Tunbridge Investment Partners.
Additional terms of the transaction were not disclosed.
Tunbridge, an affiliate of real estate advisory firm Hodes Weill & Associates, focuses on making strategic, minority equity investments in real estate fund managers. TK Partners is capitalized, in part, with an investment from Kudu Investment Management, a firm that specializes in providing permanent capital solutions to leading investment managers.
Founded in 1992, Savanna has more than 30 experienced professionals, and since its inception, has invested over $4 billion across a series of investment vehicles including its flagship value-add private equity funds. Specializing in the New York City market, Savanna is an institutional fund manager with more than 80 distinct investors from around the world, including public and private pension funds, insurance companies, sovereigns, high net worth family offices, foundations, and wealth management companies.
Proceeds from the TK Partners investment were utilized to further strengthen the platform, funding working capital and various platform, investment, staffing, and growth initiatives.