Nov
19

Goldman Said to Raise $1.3 Billion to Buy Stakes in Hedge Funds

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Goldman Sachs Group Inc. has raised $1.3 billion for its second Petershill fund that buys stakes in hedge fund firms, beating its initial target, according to a person with knowledge of the matter.

The bank started raising money for Petershill II in 2013, initially aiming to raise $1 billion, said the person, who asked not to be identified because the information is private. Joseph Stein, a spokesman for Goldman Sachs in London, declined to comment on the fundraising.

Petershill II will buy 10 percent to 20 percent equity stakes in hedge fund firms with assets of $2 billion to $15 billion, Goldman Sachs said last year. It has so far purchased interests in New York-based credit manager Knighthead Capital Management LLC, macro hedge fund Caxton Associates LP and London-based Pelham Capital Management LLP, a long-short equity firm…

Goldman Said to Raise $1.3 Billion to Buy Stakes in Hedge Funds

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