Thursday, 2 October 2014
Last updated 48 min ago
Sep 30 2010 | 8:45am ET
The Blackstone Group is expanding its footprint in Latin America with the purchase of a 40% stake in a Brazilian alternative asset manager.
Blackstone announced today that it took a minority stake in Patria, and together the two firms would work to build their businesses in Brazil and throughout South America.
The transaction is expected to close on Oct. 1. Details of the deal were not disclosed by either firm, but Brazilian newspaper Valor Economico is reporting that Blackstone paid $200 million for the stake.
“Partnering with Patria will enable Blackstone’s limited partners and advisory clients to benefit from the fast expanding business opportunities in the country, as well as from Patria's deep knowledge of the local market," said Stephen Schwarzman, chairman and chief executive officer of Blackstone. "We envisage us both taking advantage of a wide spectrum of opportunities ranging from financial advisory services to real estate, private equity, capital management and infrastructure”
Luiz Otavio Magalhães, founding partner and CEO of Patria, added that “we are very pleased to announce this agreement. It represents one of the most significant partnerships to be established in Brazil’s financial industry. We are delighted to be working closely with Blackstone, whose core values we share.”
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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