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Bailey McCann, Opalesque New York: KKR and Pacific Alternative Asset Management Company are partnering on a new liquid alternatives investment firm that combines PAAMCO and KKR Prisma. Under the terms of the agreement, the entire businesses of both PAAMCO and KKR Prisma will be contributed to a newly formed company that will operate independently from KKR, and KKR will retain a 39.9% stake as a long-term strategic partner.
The combined business will operate under the new global brand, PAAMCO Prisma Holdings, with PAAMCO and KKR Prisma's core investment and client teams remaining unchanged. The new company will be one of the largest firms in the liquid alternatives industry, with over $30 billion of assets under management or advisement and the ability to fulfill a broad range of liquid alternatives needs.
PAAMCO, which has operated as a hedge fund of funds for more than a decade, currently has approximately $24 billion in assets under management. KKR Prisma has approximately $10 billion of assets under management. KKR Prisma constructs and manages customized hedge fund portfolios and other products across the spectrum of liquid alternatives investments.
Despite becoming a joint entity, the Prisma and PAAMCO brands and funds will continue to exist side-by-side in their current separate form. The new business will be led by co-CEOs Jane Buchan, co-Founder and CEO of PAAMCO, and Girish Reddy, co-Founder of KKR Prisma. The management teams from both firms...................... To view our full article Click here
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