Richmond Park Capital Buys PE-Owned Olympia Group

Investment bank and asset manager Richmond Park Capital has acquired fund-of-hedge-funds firm Olympia Capital from investors including Sagard Private Equity Partners, Reuters reported. Financial terms of the deal were not released. Olympia Capital is based in Paris.

(Reuters) – Investment bank and asset manager Richmond Park Capital has bought fund of hedge funds firm Olympia Group, as consolidation hots up in a hedge fund sector still recovering from the crisis.

Paris-based Olympia, which is one of the oldest fund of hedge funds firms and runs more than $2 billion in assets, was bought from Sagard Private Equity Partners and other shareholders, Richmond Park said in a statement on Friday.

It declined to say how much it paid for Olympia. The deal is subject to regulatory approval and closing conditions.

The deal comes as potential buyers size up small and mid-sized funds of hedge funds — which own baskets of funds with the aim of diversifying risk and picking the best managers — after poor average performance and big client outflows from the sector in recent years.

“In a context of consolidation of the fund of hedge funds sector, this transaction reinforces Olympia and provides enhanced access to the important UK market by associating with a growing player,” said Rik Battey, partner at Sagard.

Richmond Park was set up by former Dresdner and Goldman Sachs bankers in 2009.