A Dubai and London-based private investment office has signed an agreement to buy 100 per cent of a California-based VC and private equity house.

The Capital Partnership, a London and Dubai-based private investment office, has agreed to acquire all of Northgate Capital, a Californian venture capital and private equity investment firm, from India’s Religare and certain members of Northgate’s management team. 

Religare, a diversified financial services group, bought a majority stake in Northgate in 2010.

Completion of the transaction is subject to the satisfaction of certain conditions precedent, including certain regulatory approvals. Terms of the transaction were not disclosed, a statement from the organisations involved in the deal said yesterday.

Founded in 2000, Northgate has $4.8 billion in assets under management as of 1 April 2016 on behalf of institutional and private investors in North America, EMEA and Australia.

There has been a relationship between The Capital Partnership and Northgate for the past 12 years; the former firm’s managed funds collectively represent one of the largest investors in the Northgate funds. 

Once the acquisition is complete, Northgate will retain its investment and operational autonomy as distinct from The Capital Partnership, the statement said.

As part of the new arrangement, Ali Ojjeh, managing partner of The Capital Partnership and a 12-year member of Northgate’s limited partner advisory board, will take on the added role of chairman of Northgate. Dr Hosein Khajeh-Hosseiny, a member of Northgate’s management committee, will continue to lead the firm as its managing partner and chief executive. When the transaction is closed, it is proposed that Ojjeh and Dr Khajeh-Hosseiny will participate as members of the Northgate investment committee.