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Check out the latest news and insight from the ever-evolving world of institutional investing and hedge funds from around the globe.

Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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DGAM Acquired by Carlyle Group

Dec 02, 2013
Jing Chen

Hedge fund and private equity firm The Carlyle Group has agreed to purchase independent hedge fund firm Diversified Global Asset Management Corporation.

Washington-based Carlyle announced in a statement last week that DGAM will become its fund of hedge funds platform. DGAM chief executive officer George Main and chief investment officer Warren Wright will remain in their respective roles, managing investments and the daily operations of the firm.

The deal, which will add over $6.7 billion in assets toward Carlyle, is expected to close in February 2014.

According to a New York Times article, Carlyle will pay $33 million upfront and up to $70 million over the next seven years, depending on performance for the transaction.

Carlyle made headlines on Monday when it announced that it had raised a $13 billion fund aimed at leveraged buyouts in the U.S.

Carlyle had about $185 billion in assets under management across 122 funds and 81 fund of funds vehicles as of September 30.

 

 

 

 

 

 

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