From Bloomberg: KKR & Co. agreed to buy a 24.9 percent stake in hedge
fund Nephila Capital Ltd. as it expands beyond its main private-equity
business. Financial terms weren’t disclosed.
Nephila, a Bermuda-based firm with $8 billion in assets that
makes reinsurance-related investments, will continue to operate under its own
name, New York-based KKR said yesterday in a statement. KKR will acquire its
shares from Nephila’s management as well as a portion of the stake owned by Man
Group Plc (EMG), the biggest publicly traded hedge-fund manager, according to
the statement.
KKR, which is making the purchase through the firm and not
its investment funds, has been expanding into hedge funds as a way to broaden
its business beyond corporate buyouts. Last year, it bought Prisma Capital
Partners LP, a hedge fund of funds, and in 2011 it hired Bob Howard from
Goldman Sachs Group Inc. to run an in-house long-short stock fund. Together
those two funds manage about $8.5 billion….
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