Perella Weinberg Buys Hedge Fund Xerion

Oct 2 2007 | 7:22am ET

Perella Weinberg Partners, the New York-based boutique investment banking firm, has acquired hedge fund Xerion Capital Partners, it said yesterday evening. Xerion, a $400 million New York-based fund, focuses on distressed credit and special situations.

Terms of the deal were not disclosed, but Xerion founder Daniel Arbess joins Perella Weinberg as a partner, and Perella Weinberg is to inject $100 million into Xerion’s strategies. The whole of Xerion’s team is moving to Perella Weinberg.

“This acquisition gives Perella Weinberg Partners a highly-regarded team with a strong record of accomplishment investing in distressed and special situations just as the credit markets are presenting very dynamic opportunities,” William Kourakos, one of Perella Weinberg’s founding partners, said. “We think Dan is a terrific investor and see a bright future ahead for this team’s core strategies.”

Arbess founded Xerion in 2003. He joins a star-studded cast of partners at Perella Weinberg, including namesakes Joseph Perella and Peter Weinberg, the former vice chairman of Morgan Stanley and former CEO of Goldman Sachs International, respectively. Perella founded the firm in June 2006.


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