Greenhill Sells Interest in Fund for $45M

Greenhill & Co. said it had sold its interests in private equity fund Greenhill Capital Partners II L.P. for about $45 million, Reuters reported. The investment bank is selling its interest in the fund to “investors advised by J.P. Morgan Asset Management and certain principals of GCP Capital Partners,” Reuters wrote. The move is part of Greenhill’s strategy to focus on its core client advisory business.

(Reuters) – Greenhill & Co Inc said it had sold its interests in private equity fund Greenhill Capital Partners II L.P. for about $45 million, as it focuses on its core client advisory business.

The boutique investment bank said it would sell its interest in the fund to some investors advised by J.P. Morgan Asset Management and certain principals of GCP Capital Partners.

The move is in line with Greenhill’s efforts to trim its non-core assets and follows last year’s sale of its merchant banking business.

Shares of Greenhill, which earned $48.5 million in fourth-quarter revenue from financial advisory fees, closed at $49.92 Friday on the New York Stock Exchange. (Reporting by Rachel Chitra in Bangalore; Editing by Saumyadeb Chakrabarty)