EnTrust Global (“EnTrust”), a leading alternative asset management firm, announced today that it has completed its return to an independent, private company after closing on the previously reported transaction with Franklin Resources, Inc. (NYSE: BEN), pursuant to which it reacquired the 65% interest that Legg Mason, Inc. (NYSE: LM) held in EnTrust.
“We are grateful for the cooperation and support of Franklin Templeton over the last few months and look forward to working with them on future initiatives,” said Gregg S. Hymowitz, Chairman and Chief Executive Officer of EnTrust Global. “Moving back to our roots as an independent company presents EnTrust with a unique opportunity to reinvest in our business and significantly grow as an alternative asset management firm for the benefit of our investors, with the flexibility and autonomy afforded by a private company structure.”
As Jenny Johnson, President and Chief Executive Officer of Franklin Templeton stated, “[w]e see tremendous opportunity for growth in the alternatives space as investors look to add alpha and increase diversification in their portfolios. EnTrust is well-positioned to capitalize on that shift, and we look forward to our ongoing relationship."
In 2020, EnTrust has continued to successfully grow its Blue Ocean funds, which currently have approximately $1.5 billion of capital for investment in the global maritime industry. EnTrust has also raised more than $400 million for its Blue Sky strategy, which launched in April for investment in the global aviation industry. EnTrust remains highly active in the co-investment space, having committed over $700 million to opportunistic investments since the onset of the market dislocation triggered by COVID-19, and monetizing over $525 million in strategic exits of certain co-investments over the same period.
About EnTrust Global
EnTrust Global is a leading alternative asset management firm with $18.2 billion in total assets* as of June 30, 2020. Co-founded in 1997 by Chairman and CEO Gregg S. Hymowitz following his investment career at Goldman Sachs Group, Inc., the firm manages assets for over 500 institutional investors representing 47 countries and has approximately $10 billion in customized strategic partnerships. EnTrust Global offers a diverse range of alternative investment opportunities across strategies, including private debt and real assets as well as core hedge funds and co-investments. EnTrust Global has 11 offices worldwide and is headquartered in New York and London.
*As of June 30, 2020; based on estimates and includes assets under advisement and approximately $675 million of mandates awarded but not yet funded.