One fund of hedge funds has bought a minority stake in another, setting up a strategic partnership.
Lighthouse Partners has bought a slice of Denver-based 361 Capital. It also get access to 361's affiliated advisers and intermediaries, although the two firms will remain independent.
"We're absolutely committed to providing our clients with a full suite of what we believe are well-engineered liquid alternative investment products," 361's Brian Cunningham said. "I believe this new relationship will prove to be a win for everyone concerned."
"And we share the same vision of developing investment funds that seek to provide clients with greater access to a broad range of alternative investments," Lighthouse CEO Sean McGould added.