Kudu Investment Management has acquired a minority holding in small-cap specialist Granahan Investment Management (GIM), which has $5.8 bn in asset under management (AUM).

The size of the investment and the stake obtained by Kudu was not disclosed.

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Under the agreement, GIM will continue to hold full control of the firm with over 75% equity of the firm held by its employees.

Established in 1985, GIM provides small cap equity portfolios for institutions and high net worth individuals globally.

Its offerings include US micro, small, SMID, and mid cap strategies, in addition to international and global small cap.

The firm serves as sub-advisor on four unaffiliated mutual funds in the US and offers a range of Irish-domiciled UCITS funds to non-US investors.

GIM founding partner, president and CEO Jane White said: “We were seeking a partner to support our growth initiatives and assist with our long-term succession plans.

“Kudu’s permanent capital philosophy represents the perfect solution for us.”

Commenting on the development, Kudu CEO Rob Jakacki said: “Granahan is an exceptional investment management firm with ambitious plans.

“As Granahan continues to build out its investments and client base both in the US and beyond, Kudu’s global reach and broad experience will be a great resource for its expansion efforts.”

In November last year, New York-based Kudu invested in Dallas-based boutique equity investment manager Ranger Investment Management.

The same month, Australian investment manager Channel Capital repurchased a minority equity stake in the business from Highbury Partnership with backing from Kudu.

The firm also offered additional capital for Channel Capital in addition to financing the stake buyout.

In July last year, Kudu made a strategic investment in Sequoia Financial Group.