India's Religare Hunts For Hedge Funds After P.E. Deals

Dec 10 2010 | 12:21am ET

Religare Enterprises is moving forward with its plans to build a family of boutique asset management firms following its purchase of a second U.S. private equity firm.

The Indian holding company, headed by industrialist Malvinder Singh and his family, hopes to add a hedge fund manager or two—as well as one of more long-only managers. The firm, which has $1 billion to spend, last week bought a majority stake in Connecticut p.e. firm Landmark Partners, and in February took a majority stake in another p.e. firm, Northgate Capital.

"Now that we have built a strong position in the less-liquid side of alternatives with Northgate and Landmark, we're very interested in the liquid side of alternatives, including hedge funds of funds and single-strategy hedge funds as well as traditional long-only and fixed-income firms," Religare Global Asset Management's Matthew Mongia told Dow Jones Newswires.

Religare bought a 55% stake in Landmark, which has more than $8.3 billion in capital commitments, for $171.5 million. It owns 60% of Northgate, which is based in California. Religare plans to leave the management teams of both firms in place.

"We are never going to buy 100% of a manager," Mongia said. "We will buy control of the firm, but leave behind a meaningful equity in the hands of the firm's management team, so there will be significant alignment of interest."


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.