WEST PALM BEACH, FL (www.hedgeco.net) – Private equity firm, Summit Partner has purchased a stake in Coast Hedge Fund Asset Management; the move according to the firm is to tap into the fastlygrowing hedge fund management business. The principal at Summit Asset Management said, “We look forward to working closely with the Coast team in broadening their investor base and in the developmentof additional innovative products.\u00c3\u00af\u00c2\u00bf\u00c2\u00bd<\/p>\n
The deal valued at about $126.8 million also grants one third of the Santa Monica based hedge fund manager\u00c3\u00af\u00c2\u00bf\u00c2\u00bds total value to Summit. Coast is valued at about $380 million. The general partner at Summit Peter Chung said, \u00c3\u00af\u00c2\u00bf\u00c2\u00bdAs part of the deals reached with Coast, Carter will be joining Coast\u00c3\u00af\u00c2\u00bf\u00c2\u00bds board if directors.\u00c3\u00af\u00c2\u00bf\u00c2\u00bd Private equity funds have increasingly taken more active role in hedge fund operations.<\/p>\n
Analysts cite such examples to show the declining differences between Private Equity firms and Hedge Funds. Some say that the two businesses are converging. In the past, many hedge fund management companies have also taken interest in private equity businesses. Hedge funds can afford such deals because many of the managers have significant cash at hand to do the private equity deals.<\/p>\n
As recently as this past June, Permal Group Hedge Fund firm agreed to be purchased by Legg Mason, and in 2004 JP Morgan Chase bought a minority stake in Highbridge Capital in a deal which was valued at about $1 billion.<\/p>\n
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net<\/p>\n
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