TRANSACTION SUMMARY

On 22 December 2017, Global Evolution, a premier specialist investment manager of emerging and frontier market debt strategies with $6.6bn of AUM, announced that it had sold a 45% stake to Conning, a leading global investment management firm.

With the transaction, Global Evolution accelerates its expansion into North America and Asia Pacific, while Conning adds best-in-class capabilities in Emerging Market Debt and Environmental, Social and Governance (ESG) investing. Following the closing, Global Evolution will continue to operate as an independent boutique and founders Søren Rump and Morten Bugge will continue as CEO and CIO, respectively. Employees will continue to hold a majority ownership interest in the firm, with Conning increasing its position in Global Evolution over time through a series of staged investments.

The transaction is expected to close in early 2018, subject to customary regulatory approvals and closing conditions.

GLOBAL EVOLUTION

Founded in 2007, Global Evolution is a dedicated, leading emerging and frontier markets investment manager, committed to impact investing. With US$6.6 billion in assets under management as of November 30, 2017, the firm invests globally on behalf of a wide range of institutional investors through pooled funds and segregated accounts. Its clients are supported by a long-tenured group of investment professionals, with the core team having worked together for more than two decades. Global Evolution is known for its innovative approach to investing in emerging and frontier markets. Global Evolution has its head office in Kolding, Denmark, and offices in Zürich and New York.

CONNING

Conning is a leading global investment management firm with approximately $120 billion in global assets under management as of November 30, 2017.* With a long history of serving the insurance industry, Conning supports institutional investors, including pension plans, with investment solutions and asset management offerings, award-winning risk modeling software, and industry research. Founded in 1912, Conning has offices in Boston, Cologne, Hartford, Hong Kong, London, New York, and Tokyo.

*As of November 30 2017, represents the combined global assets under management for the affiliated firms under Conning Holdings Limited, and Cathay Securities Investment Trust Co., Ltd. ("SITE"). SITE reports internally into Conning Asia Pacific Limited, but is a separate legal entity under Cathay Financial Holding Co., Ltd. which is the ultimate controlling parent of all Conning.

ROLE

Spencer House Partners acted as sole financial adviser to Global Evolution.