Washington-based Carlyle Group has sold a 60 per cent stake in its Carlyle Asset Management Group, its US$600 million fund of hedge funds business, to the management team.

The stake in Carlyle Asset Management Group has been sold to a management team headed by Afsaneh Beschloss, CEO and CIO, who runs CAMG along with Robert Picard and Sudhir Krishnamurthi.

Beschloss joined Carlyle from the World Bank in 2001 to set up the business and help Carlyle extend its operations into the fund of hedge funds arena.

In an interview with Hedgeweek, Beschloss confirmed that the sale includes CAMG's flagship fund of hedge funds, Rock Creek.  She.said: "We have agreed a deal with Carlyle Group to buy the 60 per cent stake in CAMG now and we will purchase the remaining 40 per cent over the next two years."

She added: "Successful hedge fund businesses are owned by their management, and in order to retain top talent and recruit new talent we needed to have an ownership structure. Carlye Group agreed with our vision and we are moving forward to deliver to our investors a business driven by a highly motivated team of managers."