Tuesday, 22 July 2014
Last updated 56 min 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…