Private equity powerhouse Carlyle expands into commodities
NEW YORK Oct 2 (Reuters) - Carlyle Group LP said on Tuesday it would buy a majority stake in a commodities-trading hedge fund manager, its biggest leap yet in an expansion that has seen it diversify from private equity into other alternative asset classes.
Carlyle, which has $156 billion of assets under management, said it bought a 55 percent stake in Vermillion Asset Management LLC, a New York-based commodities investment manager with about $2.2 billion of assets under management.
Vermillion trades on agricultural products, metals, energy and staples such coffee, sugar and cocoa beans. Carlyle said it acquired a stake in Vermillion in exchange for cash, an ownership interest in Carlyle and performance-based contingent payments payable over five-and-a-quarter years.
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'
- Four dead in apparent Connecticut murder-suicide
- South Korea expands air defense zone to partially overlap China's |
- Singer Susan Boyle reveals she has Asperger's syndrome: paper
- Dynasty's Congress party punished in Indian state elections