Associated Capital Group (AC) is a small alternative investment manager focused primarily on merger arbitrage and event-driven strategies. AC manages money for private wealth clients, corporations, pension funds, foundations, and endowments globally, with roughly two-thirds of AUM sourced from international clients. The core strategy involves buying shares of acquisition targets at a discount to deal terms and earning the spread as transactions close, recycling proceeds into new deals across a diversified portfolio. AC introduced its merger arbitrage fund in 1985, and the strategy has compounded net annual returns of 7.1% since inception. Beyond merger arbitrage, AC manages long/short value and other event-driven strategies. The firm operates through its investment adviser subsidiary, Gabelli & Company Investment Advisers, which runs limited partnerships, offshore funds, and separately managed accounts. As of year-end 2024, AC managed approximately $1.25B in AUM, with merger arbitrage representing roughly 80% of that total. AC earns management fees as a percentage of AUM and incentive fees tied to investment performance. AC also deploys proprietary capital into direct investments in operating businesses — targeting growth capital, leveraged buyouts, and restructurings in small and mid-sized companies — through Gabelli Private Equity Partners. The firm is small, with 24 full-time employees, and relies partly on shared services from GAMCO, its former parent, including access to GAMCO's global research analyst team.