The Carlyle Group has completed its acquisition of Diversified Global Asset Management (DGAM), a global manager of hedge funds with more than USD6.7bn in managed and advised assets.
Equity for the transaction came from Carlyle’s balance sheet. The transaction was first announced on 26 November 2013.
DGAM will join Carlyle’s Solutions platform alongside AlpInvest Partners, a global private equity fund of funds business with USD48bn of assets under management, and Metropolitan Real Estate Equity Management, a global real estate multi-manager with USD2.6bn in capital commitments. Including DGAM, the Solutions segment had assets under management of USD57.3bn as of 30 September 2013.
Established in 2004, DGAM is an independent alternative investment manager and advisor based in Toronto, Canada. Founders George Main, Warren Wright, Graham Thouret and Jeff Lucassen continue with the firm. DGAM’s client base is 100 per cent institutional and includes some of the world’s largest and most sophisticated public and private pension funds, endowments and sovereign wealth funds.
DGAM was represented by Davies Ward Phillips & Vineberg and Sidley Austin advised on US regulatory issues. Goldman Sachs acted as exclusive financial advisor to DGAM. Simpson Thacher & Bartlett served as legal advisor to Carlyle.