May 21, 2013 / 11:05 AM / 5 years ago

STXNEWS LATAM-GP Investments buys stake in Swiss fund Apen for $33 mln -filing

GP Investments Ltd, the largest Latin American private equity firm, agreed on Tuesday to buy a 26.7 percent stake in Swiss investment Fund company Apen Ltd for $33 million as it seeks to expand the type of assets it manages.

The acquisition of the Apen stake will allow GP Investments, which is based in Hamilton, Bermuda, to venture into management of equity co-investment, co-investments in so-called funds of funds, and secondary market transactions, the company said in a securities filing.

In general, funds of funds are a way to hold a portfolio of diverse investment funds rather than picking stocks, bonds or other securities directly.

Newbury Partners and Fortress Investment Group will each hold a 13.4 percent stake in Apen. American International Group Inc exited Apen with the GP Investments transaction, the filing added.

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