Alternative-assets manager Investcorp has agreed to buy the placement agent and advisory firm Mercury Capital Advisors Group in a deal that reflects the growing demand for private investment strategies.

Mercury will remain under the same management after the transaction closes, which is expected later this year, the firm said in a news release. Financial terms of the deal weren't disclosed. The New York-based firm was set up in 2009 by former leaders of the private funds group at Merrill Lynch. Merrill became the investment banking arm of Bank of America that year.