After the acquisition of Edgewood Partners Insurance Centre (EPIC), The Carlyle group has moved ahead for another acquisition. Now the target is Diversified Global Asset Management Corporation, an employee owned hedge fund sponsor.
Diversified Global Asset Management Corporation is based in Canada and was founded in 2004. Company provides its services to pooled investment vehicles and invests in alternative investments across the globe. As of now company has more than $6.7 billion in managed and advised assets.
The Carlyle group is global alternate asset management fund with $185 billion of Asset Under Management spread across 122 funds and 81 fund of funds. Company offices are spread over six continents employing 1450 persons in 34 offices. Carlyle's major investors are public pension funds.
This acquisition is expected to close by February 2014 and was advised by Goldman, Sachs & Co. Equity for the transaction will come from Carlyle's balance sheet. This transaction is also termed as an effort by Carlyle Group to come out of Private Equity umbrella. Despite hedge fund's return falling, Diversified Global Asset Management Corporation was able to double its assets base during past three years. Although prior to this transaction Carlyle had presence in few hedge funds but had no presence in business of investing in group hedge funds.
Related article: Edgewood got PE backing: EPIC acquisition by carlyle
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