Barings and Kline Hill Partners Co-Lead the Closing of Estancia Capital Partners’ Continuation Vehicle for R&T Deposit Solutions

April 24, 2025 at 09:00 AM EDT

Barings and Kline Hill Partners (“Kline Hill”) today announced that they had served as co-lead investors in Estancia Capital Partners’ single asset continuation vehicle to support the continued growth of R&T Deposit Solutions (“R&T”).

Headquartered in New York, R&T is the second largest deposit sweep administrator in the U.S. and offers a broad suite of innovative tech-enabled services to help financial institutions meet their unique cash sweep and funding needs.

"We’re excited to share another successful close of a GP-led deal in partnership with Estancia Capital Partners,” said David Swanson, Managing Director at Kline Hill Partners.

“We are delighted to support Estancia on this transaction and to deepen our successful partnership,” said Mina Pacheco Nazemi, Head of Barings Diversified Alternative Equity. “This transaction builds on our proven track record of leading GP-led secondaries of high-quality companies that have demonstrated strong results and are well-positioned for long-term growth.”

“R&T is a leading provider of deposit management solutions with a differentiated client service model,” said Takashi Moriuchi, Managing Director and Co-Founder of Estancia. “We are pleased to partner with Barings and Kline Hill to continue to drive strategic and operational value in the company.”

Since Estancia’s original investment in 2021, R&T has grown tremendously into a leading provider of tech-enabled liquidity management and deposit funding solutions. In late 2023, Estancia sold a meaningful stake in R&T to GTCR, advised by KBW, a Stifel company, acting as the sell-side advisor to the company. The remaining co-control interest held by Estancia was acquired by the newly formed continuation vehicle. In addition to Barings and Kline Hill, key investors in the transaction included JP Morgan among other participants, including rollover Estancia investors.

Eaton Partners, a Stifel company, (“Eaton”) served as financial advisor and Kirkland & Ellis LLP served as legal counsel to Estancia. Cleary Gottlieb advised Kline Hill and Barings.

About Estancia Capital Partners

Estancia is a specialist private equity firm investing in lower middle-market companies that provide mission-critical solutions to the financial system. Estancia’s Principals have a history of successfully partnering with management teams to provide capital to facilitate portfolio companies' strategic development, including management buy-outs from larger financial firms, private ownership/succession transitions, growth initiatives, and team lift-outs. For more information, visit www.estanciapartners.com.

About Barings

Barings is a $442+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions. For more information, please visit www.barings.com.

* Assets under management as of March 31, 2025

About Kline Hill Partners

Founded in 2015, Kline Hill Partners is an investment firm focused on the private equity secondary market, with industry-leading capabilities in the small-deal space. With over $4.2 billion in assets under management, Kline Hill’s funds are backed by a blue-chip investor base that includes endowments, foundations, family offices, and other institutional investors. Together, Kline Hill’s Core and Solutions strategies make up a platform designed to serve the entirety of the small-deal secondary market, with capabilities spanning LP fund transfers, GP-led transactions, and secondary direct transactions. For more information, visit www.klinehill.com.

About Eaton Partners

Eaton Partners, a Stifel Company, is one of the world’s largest capital placement agents and fund advisory firms, having raised more than $140 billion across more than 190 highly differentiated alternative investment funds and offerings. Founded in 1983, Eaton advises and raises institutional capital for investment managers across alternative strategies – private equity, private credit, real assets, real estate, and hedge funds/public market – in both the primary and secondary markets. Eaton Partners maintains offices and operates throughout North America, Europe, and Asia. Eaton Partners is a division of Stifel, Nicolaus & Company, Incorporated, Member SIPC and NYSE. For more information, visit https://eaton-partners.com/.