Caxton Associates, an $8bn macro hedge fund manager, has agreed to divest a 9.9% stake to a group of funds managed by Goldman Sachs called Goldman’s Petershill funds.
Andrew Law, Caxton’s CIO said in a letter that Goldman’s Petershill II funds may increase their stake to 19.99% over the next 9 months.
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"The transaction further aligns the interests of our partnership, and more broadly the firm, with those of our clients. Goldman’s stake is a passive minority interest that does not carry with it any investment management or board representation rights," Caxton added.
Caxton’s has signed a deal with Petershill based on the performance of its fund. Caxton has seen the performance of its fund fall by 2% through the end of September.
Launched in early 2014, Petershill II plans to take equity stakes in established hedge funds with a strong track record.
The terms of the deal were not disclosed.
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By GlobalDataAdditionally, Petershill II fund seeks to raise $1 billion and plans to make another investment by the end of the year.
Goldman Sachs has already made investments with credit hedge fund Knighthead Capital Management and equity long/short fund Pelham Capital.
