The firm will reportedly pay about $350 million for a 40% interest, implying an equity valuation of roughly $875 million for the Israeli camouflage technology manufacturer.
The deal marks the sixth investment made by Armen's inaugural GP stakes fund, which targets a portfolio of European alternative asset managers across different strategies.
The employee and early investor auction valued the workplace trust company at over £100 million and marked the third transaction conducted under the PISCES framework.
The StepStone-backed transaction reportedly extends Blackstone's ownership of a loan portfolio from its Capital Opportunities Fund IV.
Top professionals from TR Capital and Aquilius Investment Partners discuss what is driving Asia's secondary market, transaction mix, structural hurdles, and where growth could come from next.
The sequel fund has secured $150 million from a California pension and will back venture and growth managers through GP stakes, fund commitments, and co-investments.
