Abu Dhabi-based ​private equity investment ⁠manager Axight has agreed to ‌buy a minority stake in La Trobe Financial from ​Brookfield Asset Management , in a deal that values ​the Australian ​alternative asset manager at A$3 billion ($2.15 billion).

Brookfield will remain La Trobe's majority ⁠owner after the transaction, the companies said in a joint statement on Friday.

The New York-headquartered asset manager said the deal ​will broaden ‌La Trobe's next ⁠phase ⁠of growth, as its assets under management have increased ​to A$23 billion from ‌A$14 billion over the past ⁠four years.

La Trobe Private Credit Fund, a fund managed by La Trobe Financial, said in a separate statement there would be no changes to the directors or senior management of its responsible entity or investment manager.

The transaction is subject to ‌regulatory approvals and is expected to close ⁠in the third quarter of ​2026.

La Trobe, founded in 1952, serves more than 130,000 investors and 4,700 financial ​advisers, according ‌to the statement. ($1 = 1.3974 Australian dollars) (Reporting ⁠by Roushni Nair ​in Bengaluru; Editing by Vijay Kishore)