New Holland Takes Majority Stake in Foundation Credit

New Holland Capital, a New York-based multi-strategy investment manager, has formed a strategic partnership with Foundation Credit, an alternative asset manager focused on U.S. municipal credit and infrastructure debt.

As part of the deal, New Holland will acquire a majority stake in Foundation and invest in its municipal credit and infrastructure debt strategies. The firms have worked together for more than a decade.

Hector Negroni, Foundation’s CEO, will continue to lead the firm and retain control of its day-to-day operations and investments.

“Their reputation and acumen within the alternative asset universe will be pivotal in helping us execute our vision of building a bridge between global institutional investors and the compelling but fragmented opportunity set in U.S. infrastructure debt and municipal credit,” Negroni said.

New Holland and its strategic partner, AGF Capital Partners, are expected to share resources with Foundation to support distribution, product development and other efficiencies.

The deal extends New Holland’s growth since partnering with AGF. In February 2024, AGF Capital Partners made an initial investment in New Holland through a note convertible into a 24.99% economic interest. In May, Toronto-based AGF Management increased its economic ownership of New Holland to 50%, converting its note to equity and adding a $20 million cash investment.

Since AGF’s initial investment, New Holland’s assets have risen 44%, from $5.4 billion to $7.8 billion, as it expanded its investment teams and risk infrastructure and launched a new trading affiliate.

New Holland has more than 20 years of experience giving institutional investors access to a broad range of strategies, with a focus on multi-strategy hedge funds and private credit.

Financial terms were not disclosed.