On April 23, 2015 Hillspire LLC, an entity that serves as an investment vehicle for Google Inc. Executive Chairman Eric Schmidt and his family, bought a 20% stake in New York-based hedge fund firm D.E. Shaw Group.
Hillspire LLC purchased the stake from Lehman Brothers Holdings Inc. for approximately $500 million. Lehman Brothers Holdings Inc. had previously purchased its stake for around $750 million in 2007.
Hillspire LLC, which is run by former Treasury official and hedge fund executive Chuck Chai, manages more than $5 billion for Mr. Schmidt and his family. Prior to its purchase of shares in the fund, Hillspire LLC had been a long-term investor in D.E. Shaw. Its stake in D.E. Shaw Group is passive, meaning that Hillspire LLC will not have any control over management.
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