Chimera Investment Snaps Up Alts Asset Mgr Palisades Group

Chimera Investment has completed its previously announced acquisition of Austin, TX-based Palisades Group, an alternative asset manager specializing in residential real estate credit.

Chimera, a publicly traded real estate investment trust, paid cash consideration of $30M at closing and is committed to a further earn-out consideration of up to $20M in cash and stock over five years, subject to the satisfaction of certain financial targets. Following the transaction, which closed December 2, Palisades co-founder and CIO Jack Macdowell, Jr., became the CIO at Chimera.

Chimera hired Houlihan Lokey as its exclusive financial advisor and Hunton Andrews Kurth as its legal counsel for the transaction. Mayer Brown provided Palisades legal advice on the sale.

Source: https://www.chimerareit.com/news-events/press-releases/detail/258/chimera-investment-corporation-completes-acquisition-of-palisades-group