American private equity firm KKR & Co has agreed to buy a 24.9% stake in hedge fund firm BlackGold Capital Management for an undisclosed sum.
As part of the deal, KKR will share in BlackGold’s earnings, which include fees for managing money and for producing profits and will help both companies to source investments easily.
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Following the deal, BlackGold’s management team will continue to manage the business independently, and BlackGold’s investment strategies will remain unchanged.
Also, all the proceeds received from this deal will be re-invested in BlackGold’s funds to operate independently.
Founded in 2006 by Erik Dybesland and Adam Flikerski, BlackGold Capital Management is a US$1.4 billion credit-focused US hedge fund specializes in natural resources and energy sector.
The acquisition is part of the KKR’s efforts to expand its hedge-fund business that includes a roughly US$10 billion fund of hedge funds (KKR Prisma).
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By GlobalDataTodd Builione, co-head of hedge funds at KKR, said: "Through this strategic investment in BlackGold, we are partnering with an outstanding team with an excellent track record of delivering returns to investors."
