05:27 PM EDT, 03/27/2024 (MT Newswires) -- AlTi Global ( ALTI ) late Wednesday said it closed the first $115 million tranche of investment funding from Constellation Wealth Capital, part of a total $450 million investment plan.

Under terms of the investment agreement, AlTi issued 115,000 shares of its series C convertible preferred stock. Constellation also received warrants to acquire up to 1.5 million shares as part of the deal.

AlTi has the option to seek another $35 million in funding from Constellation on the same terms of the initial investment between May 1 to Sept. 30. Constellation will also receive warrants to buy 466,667 common shares.