An affiliate of XL Group plc, the global insurance and reinsurance company, recently bought up a minority stake in Ada Investments.

Neither side is disclosing specifics.

Ada Investments is based in New York, with a presence in Mumbai, India and Rio de Janeiro, Brazil. The firm is an SEC-registered investment manager that offers “alternative equities-based investment programs to institutional investors,” according to the deal announcement.

As part of the deal, XL has made what both parties refer to as a “sizeable capital commitment” to Ada’s “flagship global equity market neutral strategy.” This approach is supposed to benefit client portfolios with a focus on “delivering differentiated returns characterized by low correlations to major market indices and other fund managers,” the deal announcement noted.

Thomas Burke, an executive vice president and Head of Alternatives at XL, said in a statement that his company will benefit greatly from the new arrangement.

“The partners of Ada Investments have a wealth of experience in quantitative investment strategies based upon fundamental insights about companies and markets,” Burke said, adding, “we are very enthusiastic” about the new agreement.

Vina Nair, a former professor at the Wharton School of Business, launched Ada, which the company said is “backed by a group of seasoned investment professionals,” according to the announcement.

Source: Ada Investment Management LP