New York-based multi-strategy investment manager New Holland Capital (NHC) has acquired a majority stake in Foundation Credit, an alternative asset manager focused on US municipal credit and infrastructure debt.

Alongside the majority acquisition, NHC will invest in Foundation’s municipal credit and infrastructure debt strategies.

The deal builds on a relationship between the two firms stretching back more than a decade.

NHC, which manages more than $8.3bn (£6.3bn) in absolute return strategies for institutional clients, has a particular focus on multi-strategy hedge funds and private credit.

Under the new partnership, NHC and its strategic partner AGF Capital Partners are expected to pool resources to support distribution and product development for Foundation’s strategies. NHC will also help broaden Foundation’s product range, the firms said.

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“We look forward to expanding NHC’s platform by partnering with the team at Foundation to expand the distribution of their strategies, further product development and grow its footprint among global institutional investors,” said Scott Radke, chief executive of NHC.

Foundation chief executive Hector Negroni will continue to lead the firm and retain control of its day-to-day operations and investments, the manager said.

Founded in 2012, Foundation manages capital for institutional investors, including pensions, endowments, foundations, insurance companies and family offices.

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“We are thrilled to partner with New Holland,” Negroni said. “Their reputation and acumen within the alternative asset universe will be pivotal in helping us execute our vision of building a bridge between global institutional investors and the compelling but fragmented opportunity set in US infrastructure debt and municipal credit.”

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