Rosemont Investment Partners just bought a stake in another mutual fund firm. Today Durham, North Carolina-based Piedmont Investment Advisors revealed that Rosemont's Rosemont Partners II fund will buy a 30 percent stake in the institutional asset manager. Piedmont's employees will still own 70 percent of the firm.

Terms of the deal were not disclosed. Piedmont expects the sale to close by the end of April.

Piedmont offers a single mutual fund, the Corverus Strategic Equity Fund, which boasted more than $4.56 million as of December 31. The firm manages about $3.4 billion in total. And in 2007 Forward Management hired Piedmont to sub-advise the Forward Large Cap Equity Fund.

This is not Rosemont's first investment touching the mutual fund business. The West Conshohocken, Pennsylvania-based private equity firm uses the tagline "strategic capital to the asset management industry," and it already holds stakes in mutual fund sub-advisor Cadence Capital Management and mutual fund firm Southern Sun Asset Management. According to its web site, Rosemont normally invests "between $3 million and $20 million in equity in transactions resulting in equity stakes of 15 percent to 50 percent" and "prefers to be the sole outside investor in its portfolio companies."

"[Rosemont's] investment philosophy recognizes that the long-term value of their investments will be driven by partnering with management teams that control their destiny," stated Isaac Green, president and CEO of Piedmont. 

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