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Bailey McCann, Opalesque New York: Global alternative asset manager The Carlyle Group will acquire Diversified Global Asset Management Corporation (DGAM), a global manager of hedge funds with more than $6.7bn in managed and advised assets. Equity for the transaction will come from Carlyle's balance sheet. The transaction is expected to close in February 2014.
DGAM will become Carlyle's fund of hedge funds platform, and George Main and Warren Wright will continue in their roles as CEO and CIO, respectively, managing investments and the day-to-day operations of DGAM. Opalesque previously interviewed Wright about their proprietary tail risk strategy which generated 600-800bps of positive return across all portfolios, during the 2008 crisis period.
DGAM will become part of Carlyle's Solutions platform, which had assets under management of $48.4bn at September 30, 2013, and also includes AlpInvest, the private equity fund of funds operation, and Metropolitan Real Estate, acquired November 1. Goldman, Sachs & Co. acted as exclusive financial advisor to Diversified Global Asset Management in connection with this transaction.
"We are focused on providing fund investors with a broad suite of investment options under one roof. With the DGAM partnership, Carlyle's Solutions platform is now positioned to offer investors the ability to allocate across altern...................... To view our full article Click here
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