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Ethiopia's salt trails
For centuries merchants have traveled to Ethiopia to collect salt from the surface of the vast desert basin. Slideshow
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RIT Capital buys stake in Corsair
NEW YORK |
NEW YORK (Reuters) - RIT Capital Partners (RCP.L), an investment trust chaired by Lord Jacob Rothschild, has bought a stake in private equity firm Corsair Capital.
The companies, which announced the stake on Thursday, did not disclose the size of RIT's investment in Corsair or the size of its stake in the buyout firm, which specializes in financial services investments.
RIT said it plans to issue $7.5 million of new shares as part of its payment for the investment in Corsair. It will end up owning a minority stake in Corsair's general partner, the companies said in a statement.
Rothschild said in the statement that the two firms plan to work together on future investment opportunities.
Jacob Rothschild is a member of the Rothschild banking family, which began when Mayer Amschel Rothschild started a business in Frankfurt in the late 18th century. (Reporting by Michael Erman; Editing by Leslie Adler)
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