Centre backs money manager with $50m

New York buyout firm Centre Partners today announced the recapitalisation of a money manager catering to wealthy families, pensions and endowments.

Centre Partners, the New York buyout firm, today announced a $50 million (€39 million) investment in MB Investment, a money management firm for wealthy families, pensions and endowments.

Formerly known as Munn, Bernhard & Associates, the New York money manager was founded in 1983 and now manages roughly $750 million.

MB Investment specialises in alternative investments. “Whether a client’s goal is to diversify their traditional portfolio or produce a stream of income in a low interest rate environment, alternative investments can be a useful tool,” said MB Investment managing partner Robert Machinist.

Last year, Centre Partners, led by Bruce Pollack, received a $600 million capital commitment from Bregal Investments, a private equity firm affiliated with Europe’s Brenninkmeijer family. Bregal also has committed significant capital to London-based Englefield Capital.