Tuesday, 24 May 2016
Last updated 1 hour ago
Dec 9 2011 | 12:17pm ET
Goldman Sachs will invest up to $200 million in a new hedge fund planned by a former Barclays Capital commodities trader.
The investment in Todd Edgar's new venture will come from Goldman's new seeding fund. The still unnamed hedge fund will get between $150 million and $200 million from Goldman, which will receive a portion of the new fund's fee income.
Edgar and his team left Barclays in the third quarter with plans to launch a hedge fund. The New York-based fund will trade metals, beginning next year, Bloomberg News reports.
Edgar's fund is the second in the Goldman seeding fund's stable, after Palestra Capital Management, founded earlier this year by Andrew Immerman, formerly of SAC's CR Intrinsic unit, and Jeremy Schiffman, formerly of TPG-Axon. Goldman has raised $600 million in outside investment for the fund and hopes to bring that total to $1 billion.