When a company puts another $20 million into a business it already owns a piece of, that's not routine paperwork. That's a vote of confidence.
AGF Management Limited (“AGF”) announced on May 26 that it is increasing its stake in New Holland Capital, LLC (“NHC”) to 50% economic ownership, effective May 29, 2026. To get there, AGF is converting an existing loan into equity and adding US$20 million in new cash. The deal activates option rights AGF already held under its original agreement with NHC — meaning this outcome was planned from the start.
The backstory matters. AGF first invested in NHC back in February 2024. At that point, NHC was managing US$5.4 billion in assets. Today, that number sits at more than US$7.8 billion. That's a 44% increase in roughly two years — real growth, not shuffled numbers. For a firm that specializes in hedge funds and private credit strategies for institutional investors, that kind of momentum is hard to ignore.
Ash Lawrence, Head of AGF Capital Partners, is clear about why AGF is going deeper:
"NHC has demonstrated it is an industry-leading investment manager and an integral part of the AGF Capital Partners business. 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."
That last part — diversifying AGF's assets and client base — is the strategic heart of the deal. AGF is a Canadian firm with over $61 billion in total assets under management. But the future of asset management isn't just in traditional mutual funds and ETFs. It's in alternatives: diversifying private credit, hedge funds, and strategies that don't move in lockstep with the stock market. NHC is a direct line into that world, and a 50% ownership stake gives AGF a meaningful share of what comes next.
So what has NHC actually done since AGF came on board? The firm hired key people across its investment, risk, and operations teams. It expanded its lineup of investment strategies. It also launched a new trading affiliate and operational platform — the kind of behind-the-scenes infrastructure that allows a firm to grow, to scale. None of this happens without capital and strategic support. AGF provided both.
Scott Radke, NHC's Chief Executive Officer, describes what the partnership has made possible:
"AGF Capital Partners continues to be the ideal partner to support our long-term growth. 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."
That phrase — "maintaining our unique culture" — isn't just feel-good language. It points to something real about how this deal is structured. NHC keeps its operational independence. Radke stays in place as CEO and Co-Chief Investment Officer. Bill Young continues as Co-Chief Investment Officer. Nick Rontiris remains as President. The eight-partner leadership team carries on managing day-to-day investment and business decisions. AGF owns more of the economics, but it doesn't own the keys to the building.
This is the AGF Capital Partners model in action: find exceptional alternative managers, back them with capital and resources, and let them run. Ash Lawrence sits on NHC's board and provides strategic guidance, but NHC is not being absorbed or rebranded. The firm retains the identity and autonomy that made it worth investing in.
For advisors, the practical takeaway is this: NHC manages over US$7.8 billion across multi-strategy hedge funds and private credit, with a 20-year track record of serving institutional clients. It targets niche strategies — often with limited capacity — that larger, less nimble managers can't access. That's a meaningful value proposition in a market where differentiation is increasingly hard to find.
AGF also retains options to increase its ownership stake beyond 50% in the future. The door is open.
A 44% jump in AUM in two years. A fresh $20 million vote of confidence. A partnership structure built to last. This isn't a firm coasting — it's one building toward something larger.
