Toronto-based manager is turning a convertible note into equity in addition to investment
AGF Management Limited announced on May 26, 2026 that it will exercise option rights under its existing agreements to increase its economic ownership of New Holland Capital, LLC (NHC) to 50 per cent, effective May 29, 2026. The Toronto-headquartered asset manager will convert its existing convertible note to equity and make an additional cash investment of $20 million USD in the New York-based multi-strategy firm, which manages more than $7.8 billion USD in assets under management (AUM).
The move builds on the partnership that began in February 2024, when AGF — through its multi-boutique alternatives unit AGF Capital Partners made an initial strategic investment in NHC in the form of a convertible note, originally structured to convert into a 24.99 per cent economic interest.
Growth since the initial investment
Since the February 2024 investment, NHC's AUM has grown 44 per cent — from $5.4 billion USD to $7.8 billion USD — according to the May 26, 2026 press release issued by AGF. The firm expanded its investment, risk and operations teams, launched a new trading affiliate and built out an operational platform for portfolio managers.
AGF expects the transaction, including performance fees, to be modestly accretive to earnings in the near term, with NHC's expanding operating leverage anticipated to contribute to earnings growth over time. AGF retains options to increase its ownership beyond 50 per cent in the future.
Leadership and operations unchanged
NHC will retain full operational independence. The firm's existing leadership team — Scott Radke, Chief Executive Officer and Co-Chief Investment Officer, Bill Young, Co-Chief Investment Officer, and Nick Rontiris, President — will continue managing day-to-day investment and business operations. Ash Lawrence, Head of AGF Capital Partners and board member of NHC, will continue to provide strategic support.
"NHC has demonstrated it is an industry-leading investment manager and an integral part of the AGF Capital Partners business," said Lawrence. "Our decision to make a subsequent investment reflects the strong foundation built between our two firms and our outlook for NHC's continued long-term growth which will have a meaningful impact on diversifying AGF's assets and client base."
Radke said the relationship with AGF has supported the firm's expansion. "With their strategic support and capital invested in our business to date, we have been able to grow our deep bench of talented professionals and our leading-edge infrastructure while maintaining our unique culture in order to continue to deliver for our investors."
