Carlyle Completes Fund Of Funds Acquisition

Feb 5 2014 | 8:27am ET

The Carlyle Group has closed its deal for fund of hedge funds Diversified Global Asset Management.

The private-equity giant completed the acquisition for the US$6.7 billion Toronto-based firm yesterday. The purchase, which will cost Carlyle as much as US$103 million, was announced in December.

DGAM becomes Carlyle's fund of funds platform. It remains run by co-founders George Main, Warren Wright, Graham Thouret and Jeff Lucassen, who set the firm up in 2004.

Carlyle paid US$33 million upfront for DGAM, and could make additional performance-based payouts of up to $70 million over the next seven years.

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