Saturday, 23 August 2014
Last updated 20 hours ago
Dec 7 2010 | 1:14am ET
The Carlyle Group isn't the only private equity heavyweight dipping its toes into hedge fund waters this week.
Apollo Global Management said it would take a 40% stake in Australia's HFA Holdings, which owns Lighthouse Investment Partners. The two firms will continue to operate independently, but Apollo will now distribute Lighthouse's funds of hedge funds and managed account products.
New York-based Apollo is paying $75 million to buy the convertible notes in HFA. Lighthouse has about $4.5 billion in assets under management, Apollo has more than $50 billion.
"Lighthouse, throughout its long history, has proven to add significant value to institutional portfolios, most recently with the development of its proprietary managed account program, which we view as a clear differentiator in the marketplace,” Apollo founder Leon Black said. “We are extremely impressed with Lighthouse’s management team and its unique business model, which we believe is highly complementary to our current product offering and broadens our comprehensive range of investment solutions for our clients."
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note