A consortium of institutional investors led by Tunbridge Investment Partners has bought a stake in New York-based real estate fund manager and developer Savanna.
Tunbridge, an affiliate of real estate advisory firm Hodes Weill & Associates, specialises in taking minority stakes in mid-sized real estate investment managers.
The consortium, TK Partners, is capitalised in part by Kudu Investment Management, which also specialises in investing in investment management firms.
Savanna employs more than 30 professionals and has invested over $4bn (€3.51bn) through a series of investment vehicles since it was founded in 1992.
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