Goldman Nearing Deal For Petershill

Apr 20 2012 | 2:25am ET

The sale of a Goldman Sachs private equity fund that invests in hedge fund managers is becoming increasingly likely.

The bank is in late-stage talks about the sale of the Petershill Fund, the Financial Times reports. Asset Management Finance, a Credit Suisse unit that also buys minority stakes in hedge fund managers, is Goldman's preferred buyer for the fund and could pay hundreds of millions of dollars for Petershill's portfolio of hedge fund stakes, including ownership interests in Capula Investment Management, Trafalgar Asset Management and Winton Capital Management.

The value of some of those stakes has soared since Petershill bought them; Winton, for instance, manages almost three times as much as it did when Petershill paid less than US$200 million for a 10% stake in 2007, the year Petershill launched with US$1 billion in money to play with.

Goldman is keeping details of the potential deal quiet; some of the managers in Petershill's portfolio have not been told who, exactly, the firm is in talks with, according to the FT.

Goldman had always planned to sell Petershill, through an initial public offering after seven to 10 years. But the firm moved up its plans in response both the impending U.S. rules that will strictly limit its alternative investments activities and the resignation last year of Petershill's manager, Jonathan Sorrell.


In Depth

Israeli Hedge Fund Harnesses Big Data

Jul 28 2014 | 8:10am ET

Apica Green is a multi-million dollar Israeli hedge fund that is based in Tel Aviv...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

Why Is The Shipping Industry Underwater?

Jul 31 2014 | 7:31am ET

Anyone who’s taken a look at the global shipping industry recently probably knows...

 

Publisher's Note