Private equity firm TowerBrook Capital Partners is selling a stake in itself to a US investor in order to free up capital to spend on the business.

TowerBrook informed its investors today that it would sell a 10% stake in the management company to Wafra Strategic Investors, a fund managed by the Wafra Investment Advisory Group which is backed by the Public Institution for Social Security of Kuwait, according to a person close to the matter. TowerBrook's partners are selling part of their personal stakes to Wafra as part of the transaction.