Australia's Pacific Current Group Ltd. acquired a 24.9% stake in Chicago-based alternative investment firm Victory Park Capital Advisors LLC for A$94.6 million.

The transaction is in line with Pacific Current Group's efforts to diversify its portfolio and expand its exposure to managers with clients outside the U.S. and Australia, according to a July 3 release.

Under the deal, Pacific Current Group CEO Paul Greenwood is joining the board of Victory Park Capital Advisors.