QBD and Minus Forty

Transaction overview

Reported completed

Exact closing date not established.

Ronin Equity Partners reported that it formed Due North in 2021 through simultaneous acquisitions of QBD and Minus Forty, financed through its balance sheet and co-investors. The September 2025 account does not provide an exact closing day for the historical acquisitions.

Selected source-supported transactions; coverage is incomplete. Announcements do not establish completion or that a deal is still pending. Sponsor activity and operating-business transactions are distinct from adviser acquisitions. Unclassified activity is excluded from adviser-only counts.