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Sciens acquires hedge fund managed account platform from Partners Group

Monday, April 12, 2010
Opalesque Industry Update - Partners Group AG and Sciens Capital Management are pleased to announce the sale of 100% of the stock of Partners Group Fund Services Ltd. to Sciens Fund of Funds Management Holdings Ltd. in a cash and earn-out transaction.

Partners Group Fund Services Ltd operates a Guernsey-based platform of hedge fund managed accounts which is regulated by the Guernsey Financial Services Commission.

Managed accounts are an alternate method of investing in hedge funds whereby the investor, instead of buying interests or shares in a pooled investment vehicle such as a limited partnership or corporation, places its capital in a segregated account that resides with a bank or prime broker and is managed by an investment manager under specific terms and conditions. Segregated accounts are preferred by many investors in that they generally incorporate enhanced transparency and liquidity and allow the investor to perform risk and exposure analytics on the underlying investment portfolio.

Effective immediately, Douglas M. Reid, a Senior Managing Director with Sciens has been appointed President of Partners Group Fund Services Ltd. which will be renamed Sciens Group Fund Services Ltd which will be the Investment Manager to the platform.

Steffen Meister, CEO of Partners Group AG stated "we are pleased to finalize this transaction which concludes our strategic plan to focus on private markets asset management as previously announced. The terms of the transaction will allow us to benefit substantially from the growth in assets that is planned by the platform's new owners. During an initial period, Partners Group will support the platform and cooperate with Sciens to ensure that the level of service remains at the current high standard that present and future clients expect."

John P. Rigas, CEO of Sciens Capital Management said "we are extremely pleased to conclude this acquisition which places us in a leading and differentiated position to offer independent and comprehensive hedge fund investment services and solutions to large institutions. As a result of the chaotic environment of the fall of 2008 and in some cases the inability by certain hedge funds in that period to provide timely redemptions (a fundamental feature required by hedge fund investors), institutional investors are looking for an improved way to invest in hedge funds. We aim to become the managed account service provider of choice to institutional investors.

“The managed account platform will allow us to provide enhanced transparency, liquidity and risk and exposure analytics to our pension and insurance clients in a manner that meets their needs. We are already in discussions with several hedge fund managers who have expressed an interest to join the platform as they perceive it as a unique conduit to access pension fund and insurance capital that is considered of higher value because of its longer investment horizon. Indeed, the platform will also allow us to seed new managers in an institutional framework as the infrastructure and capabilities we are inheriting from Partners Group are top of the class."

Partners Group is a global private markets asset management firm with over CHF25 billion in investment programs under management in private equity, private debt, private real estate and private infrastructure. The firm manages a broad range of funds and customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland and has offices in San Francisco, New York, London, Guernsey, Luxembourg, Singapore, Beijing, Tokyo and Sydney. The firm employs over 360 people, is listed on the SIX Swiss Exchange with a market capitalization of CHF 4 billion with a clear majority owned by its 36 Partners and all employees.

Sciens Capital Management is an independent alternative asset manager with $6 billion in assets under management in hedge funds, private equity, real estate and aviation. Sciens Capital is headquartered in New York and London and has offices in Guernsey and Athens. The firm employs approximately 100 people globally.


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