Private equity firm VMG Partners sold a minority stake to Bonaccord Capital Partners, according to people with knowledge of the matter.
The deal represents a stake of less than than 15% of San Francisco-based VMG, said the people, who asked not to be identified discussing private information.
VMG, which stands for “Velocity Made Good,” aims to invest in fast-growing consumer companies, and has bet on Spindrift, Solidcore, Daily Harvest and K18, among others. The firm, which operates both venture and growth arms, has roughly $3 billion in assets under management, and its fund investors include the State of Wisconsin Investment Board and ATP Private Equity Partners, according to data compiled by Bloomberg.
Bonaccord, which specializes in buying stakes in mid-size alternative-asset management firms, has backed Monroe Capital, Park Square and Trivest, among others. Bonaccord said last week that one of its vehicles, Bonaccord Capital Partners II, received a $350 million investment from Houston-based CAZ Investments.
Read more: BNN Bloomberg
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