Global alternative asset manager The Carlyle Group has completed the acquisition of Diversified Global Asset Management Corporation (DGAM), a global manager of hedge funds with more than US$6.7 billion in managed and advised assets.
Equity for the transaction came from Carlyle’s balance sheet. The transaction was first announced on November 26, 2013.
DGAM will join Carlyle’s Solutions platform alongside AlpInvest Partners, a global private equity fund of funds business with US$48 billion of assets under management, and Metropolitan Real Estate Equity Management, LLC, a global real estate multi-manager with US$2.6 billion in capital commitments. Including DGAM, the Solutions segment had assets under management of US$57.3 billion as of September 30, 2013.
Established in 2004, DGAM is an independent alternative investment manager and advisor based in Toronto, Canada. Founders George Main, Warren Wright, Graham Thouret and Jeff Lucassen continue with the firm. DGAM’s client base is 100% institutional and includes some of the world’s largest and most sophisticated public and private pension funds, endowments and sovereign wealth funds.
DGAM was represented by Davies Ward Phillips & Vineberg LLP and Sidley Austin LLP advised on US regulatory issues. Goldman, Sachs & Co. acted as exclusive financial advisor to DGAM. Simpson Thacher & Bartlett LLP served as legal advisor to Carlyle.