AMG Expands Stake in Liquid Alternatives Firm Garda Capital

Tripled assets to over $12B, Garda Capital gets a bigger AMG minority stake, extending a 22-year record and boosting AMG's liquid alternatives exposure.

Published on Feb. 12, 2026

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AMG, a strategic partner to leading independent investment management firms globally, has acquired an additional minority equity interest in Garda Capital Partners LP, a leading liquid alternatives manager specializing in fixed income relative value strategies. Garda has continued to grow and evolve its business since the inception of the partnership with AMG in 2019, with assets under management increasing to more than $12 billion. The expanded partnership will further enhance Garda's long-term stability and growth, ensuring that the firm is built to last.

Why it matters

The transaction reflects the strength of the AMG-Garda partnership and supports Garda's long-term objective of building an enduring, independent firm. Garda's leading position in the fast-growing liquid alternatives space and its long-standing history of consistently delivering excellent returns underpin AMG's strong conviction in the firm's long-term prospects.

The details

AMG has acquired an additional minority equity interest in Garda Capital Partners LP, a leading liquid alternatives manager specializing in fixed income relative value strategies. Garda has tripled in size since the inception of the partnership with AMG in 2019, with assets under management increasing to more than $12 billion. The expanded partnership will further enhance Garda's long-term stability and growth, ensuring that the firm is built to last.

  • The partnership between AMG and Garda Capital Partners began in 2019.
  • As of December 31, 2025, Garda's assets under management had grown to more than $12 billion.

The players

AMG

A strategic partner to leading independent investment management firms globally.

Garda Capital Partners LP

A leading liquid alternatives manager specializing in fixed income relative value strategies, and an AMG Affiliate since 2019.

Jay C. Horgen

Chief Executive Officer of AMG.

Jeff Drobny

Chief Executive Officer of Garda Capital Partners.

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What they’re saying

“We are very pleased to deepen our partnership with Garda, a premier firm with an outstanding multi-decade track record of performance. This incremental minority investment reflects the strength of our partnership and supports the firm's long-term objective of building an enduring, independent firm. Garda's leading position in a fast-growing area within liquid alternatives and its long-standing history of consistently delivering excellent returns, underpin our strong conviction in the firm's long-term prospects—and this additional investment is a direct expression of that confidence.”

— Jay C. Horgen, Chief Executive Officer of AMG (AMG)

“Seven years ago, we chose AMG's unique partnership model and its core tenets of investment independence, operational autonomy, and alignment of interests. AMG has fully delivered on those promises. Our expanded partnership will further enhance Garda's long-term stability and growth, ensuring that our firm is built to last. With incredible work by each of the underlying teams at Garda and with AMG's ongoing collaboration, Garda has tripled in size since the inception of the partnership, and we are excited to continue working closely with AMG as we build a multi-generational firm that delivers superior outcomes for clients.”

— Jeff Drobny, Chief Executive Officer of Garda Capital Partners (AMG)

The takeaway

The expanded partnership between AMG and Garda Capital Partners highlights the strength of their long-standing relationship and AMG's commitment to supporting the growth and independence of leading alternative investment managers. This transaction further solidifies Garda's position as a premier liquid alternatives firm and underscores AMG's strategy of investing in high-quality, partner-owned firms to drive long-term value.