Thursday, 28 August 2014
Last updated 2 hours ago
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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...