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Alternative Market Briefing

Biggest French hedge fund sells minority stake to U.S. private equity firm Dyal

Friday, January 13, 2012

Benedicte Gravrand, Opalesque Geneva: The biggest French hedge fund, Capital Fund Management (CFM), completed its re-organisation earlier this month, following the death of its founder, Jean-Pierre Aguilar, in 2009. The company reportedly managed $2.6bn in hedge funds then.

Part of Aguilar’s stake went to the four other managing directors (Jean-Philippe Bouchaud, Marc Potters, Jacques Sauličre and Philippe Jordan), reported French news publication L’Afegi.

And a minority part of his stake was sold to Dyal Capital Partners in December 2011. Dyal Capital Partners is a U.S.-based private equity firm specializing in making investments in hedge fund managers and seeking to take minority stakes. Founded in 2010, it is a subsidiary of Neuberger Berman Inc. , a global independent asset management firm.

The $1bn purchase of this stake in CFM is the first one for Dyal.

CFM’s directors retain control and decision power, which is important for their investors, said Julian Parsons, director at KPMG Corporate Finance, which took care of the transac......................

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