U.S. private equity firm The Carlyle Group has completed its previously-announced purchase of Diversified Global Asset Management Corp (DGAM), a Canadian hedge funds manager with more than US$6.7 billion in managed and advised assets. The financial terms of the deal remain undisclosed. Carlyle said DGAM will join its solutions platform alongside AlpInvest Partners, a private equity fund-of-funds with US$48 billion of assets under management, and Metropolitan Real Estate Equity Management LLC, a real estate multi-manager with US$2.6 billion in commitments. Founded in 2004, the Toronto-based DGAM invests on behalf of institutional investors.
The Carlyle Group Completes Acquisition of Diversified Global Asset Management
Adds Hedge Funds Selection to Carlyle Solutions Offering
Tue, 04 February 2014
Washington, DC – Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announced that it has completed the acquisition of Diversified Global Asset Management Corporation (DGAM), a global manager of hedge funds with more than $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 $48 billion of assets under management, and Metropolitan Real Estate Equity Management, LLC, a global real estate multi-manager with $2.6 billion in capital commitments. Including DGAM, the Solutions segment had assets under management of $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.
About Diversified Global Asset Management
Based in Toronto, Canada, DGAM was founded in 2004 and currently manages and advises on over US $6.7 billion of hedge fund assets. DGAM’s industry leading investment and operational risk management have contributed to its strong, consistent performance since inception. The firm invests on behalf of an institutional client base, which includes some of the world’s largest public and private pension funds, endowments and sovereign wealth funds.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $185 billion of assets under management across 122 funds and 81 fund of funds vehicles as of September 30, 2013. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,450 people in 34 offices across six continents.
For The Carlyle Solutions Group:
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