Goldman Fund Buys Stake In Hedge Fund Mount Lucas

Dec 28 2010 | 2:55am ET

A Goldman Sachs private equity fund that invests in hedge fund managers will take a minority stake in global macro specialist Mount Lucas Management.

The Petershill Fund, managed from London by Jonathan Sorrell, will buy an undisclosed chunk of the $1.8 billion firm for an undisclosed sum of money, Mount Lucas said. The Newtown, Pa.-based firm will retain independent management, operations and investments.

The Goldman fund's investment comes at a time of transition for the 24-year-old firm. Principal Paul DeRosa is stepping down from his post as portfolio manager of Mount Lucas' flagship fund to become chairman of the firm at the end of the year. Mount Lucas' chairmanship has been vacant since co-founder Frank Vannerson died almost two years ago.

Robert Barbera, the firm's chief economist, will take over for DeRosa at the $1.2 billion MLM MacroPeak fund.

Mount Lucas is the seventh hedge fund Petershill has invested in. The fund owns minority stakes in Capula Investment Mangement, Shumway Capital Partners, Trafalgar Asset Management and Winton Capital Management. It bought a stake in Level Global Investors in April, only to see that firm suffer a Federal Bureau of Investigation raid last month. It is also selling its stake in Claren Road Asset Management to the Carlyle Group, which is buying the New York-based credit hedge fund shop.


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