Sunday, 23 April 2017
Last updated 1 day ago
Dec 4 2012 | 12:16pm ET
Money manager TCW Group, itself in the process of being acquired by the Carlyle Group, is boosting its hedge fund profile with an acquisition of its own.
The Los Angeles-based firm has struck a deal for Regiment Capital Advisors' special situations funds and direct-lending business. The deal, terms of which were not disclosed, is expected to close by the end of the year.
"As a diversified asset manager, the acquisition of Regiment's direct lending business and the team of talented professionals who have managed the SSF business over the past 12 years is a continuation of our strategy to expand and augment TCW's capabilities and offerings in the alternatives area," TCW CEO David Lippman said.
Regiment's five special-situations funds manage about $2 billion and are run by six people, all of whom will join TCW. They will remain based in New York and Boston, with chief Rick Miller becoming group managing director of direct lending at TCW.