Apollo Takes Stake In Fund Of Hedge Funds Firm Lighthouse

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."

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