WSJ – Private equity and hedge funds have been converging for some time. But unlike Blackstone Group LP, which manages funds of hedge funds as a business line, TA Associates Inc. has delved into hedge fund-of-funds through a portfolio investment, taking a minority investment in Evanston Capital Management LLC.
Evanston Capital was founded 2002 by David Wagner, former chief investment officer of Northwestern University. The Evanston, Ill., firm manages about $4.2 billion of assets across two open-ended funds, which invest in about 30 hedge funds with various strategies.
