<p style="line-height: 20.8px;">Baring Private Equity Asia has become the latest private equity firm to sell a piece of itself, agreeing to sell an equity interest to Florida-based Affiliated Managers Group Inc. <a href="http://fortune.com/fortune500/affiliated-managers-group-863/"> </a><a href="http://fortune.com/fortune500/affiliated-managers-group-863/">AMG</a> -0.81% .</p>
<p style="line-height: 20.8px;">The public announcement did not contain any specifics, but Fortune has obtained a memo sent earlier this morning from BPEA to limited partners in its funds. The memo says that AGM will acquire a “15% passive minority interest,” with existing firm management to retain the other 85%. Moreover, Jean Eric Salata has entered into a 10-year employment agreement to remain CEO of BPEA and chairman of its investment committees.</p>