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Bailey McCann, Opalesque New York: Affiliated Managers Group, Inc., a global asset management company, will acquire several minority stakes in hedge funds from Petershill Fund I, a group of investment vehicles managed by Goldman Sachs Asset Management. The five hedge fund firms include CapeView Capital, Capula Investment Management, Mount Lucas Management, Partner Fund Management and Winton Capital Group.
Under the terms of the agreement, AMG will acquire the interests in the firms from Petershill Fund I for approximately $800 million. AMG’s assets under management are expected to increase by $55 billion to nearly $700 billion.
Petershill has been holding some of the minority stakes for as long as ten years and recently raised a second fund which closed on over $1 billion in 2015. Early investments from that fund include stakes in hedge fund firms Caxton Associates, Fort Management, Knighthead Capital Management and Pelham Capital. A third fund is reportedly in market, targeting $1.5 billion and will acquire minority stakes in private equity firms. For this deal, AMG will take over the hedge fund stakes under the same terms as Petershill, which will keep senior management teams at each of the hedge funds in place with full operating autonomy. AMG has no plans to limit similar transactions going forward.
AMG has been acquiring stakes in alternative investment firms as part of its broader portfolio for over 20 years. Early investments in hedge funds included m...................... To view our full article Click here
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