Thursday, 26 May 2016
Last updated 18 hours ago
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.