Switzerland-based Partners Group is preparing to sell its hedge fund and wealth management businesses to refocus its operations on its core private market business.
Financial News reported that the private equity firm plans to sell its remaining interests in wealth management group Asset Management Partners and an undisclosed hedge fund unit to their respective management teams in the second half of this year.
Financial terms of the deal were not disclosed.
The move will cut about $1 billion of Partner’s current assets of nearly $40 billion.
Partners has offices throughout the world, including San Francisco, São Paulo, Singapore and Dubai. Partners Group is one of a number of private equity firms to diversify into public investments, such as hedge funds.