On July 14, 2014, KKR & Co. L.P. (NYSE:KKR), a New York-based global investment firm, announced it will acquire a 24.9% interest in credit-oriented hedge fund manager BlackGold Capital Management.
On July 14, 2014, KKR & Co. L.P. (NYSE:KKR), a New York-based global investment firm, announced it will acquire a 24.9% interest in BlackGold Capital Management. BlackGold, a Houston-based hedge fund manager with approximately $1.4 billion in assets under management, specializes in energy and hard asset event-driven strategies. The transaction, which was made by KKR and not through its funds, is part of the firm’s overall plan to develop its hedge fund platform and expand its energy business. Subsequent to the acquisition, BlackGold’s management team will continue to independently manage the business and its investment strategies will not change. All of BlackGold’s capital will remain invested in the fund, and the majority of the proceeds received from this transaction will be re-invested in the funds. After the transaction, BlackGold’s management team will own 75.1% of BlackGold. The terms of the transaction were not disclosed.
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