Goldman Fund Takes Stake In Hedge Fund Level Global

Apr 5 2010 | 12:09pm ET

A Goldman Sachs private equity fund has bought a stake in Level Global Investors, the hedge fund told its clients.

Level Global, which manages $4 billion, is the sixth hedge fund in the Petershill Fund’s stable. The firm was founded in 2003 by SAC Capital Advisors veteran David Ganek and manages global long/short stock funds.

Under the agreement, the $1 billion Petershill fund, managed out of London by Jonathan Sorrell, will not have any management or investment role in Level Global, Bloomberg News reports. The New York-based hedge fund said it will use Petershill’s money to help it attract talent, as well as hold on to that it already has. The firm currently employs 64 people, including 25 investment professionals.

Terms of the deal, including the size of the minority stake and how much Petershill paid for it, were not disclosed. In the past, the fund has taken stakes of between 10% and 20% in hedge fund management firms.

Petershill already owns minority stakes in Capula Investment Management, Claren Road Asset Management, Shumway Capital Partners, Trafalgar Asset Managers and Winton Capital Management.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...