Asset manager The Capital Partnership (TCP) is buying California-based private equity firm Northgate Capital.

The deal sees over $4.8bn of institutional and private assets switch onto TCP’s books - away from current owner Religare, which took a majority stake in Northgate back in 2010.

Northgate’s investments include US consumer review website Yelp.com and AdMob, the mobile ad platform that was acquired by Google in 2009 for $750m.

Ali Ojjeh, who worked at Goldman Sachs and Morgan Stanley before co-founding TCP in 1998, will become chairman of Northgate as part of the deal.

“Silicon Valley plays an increasingly important role in global value creation across all sectors," said Ojjeh, already a long serving member of Northgate’s partner advisory board for over a decade.

“Technology remains a significant driver of global economic output and growth and we believe that expanding our commitment to Northgate will help our investors capitalize on the growth opportunities in one of the world’s major hubs for innovation and entrepreneurship.”

TCP's venture capital and private equity investment portfolio already accounts for around 25% of its assets under management.

No financial terms of the deal were disclosed.