Goldman Sachs Asset Management acquired a minority stake in Longacre Fund Management, a hedge fund specializing in distressed debt and equity, according to a transaction overview memo from Jefferies Putnam Lovell obtained by P&I Daily. Jefferies Putnam Lovell advised Longacre principals on the deal.
Terms were not disclosed, including the size of the stake GSAM acquired. Goldman Sachs made the investment through its London-based Petershill Fund, which acquires stakes in alternative asset managers.
Longacres founding principals John Brecker, Vladimir Jelisavcic and Steven S. Weissman will continue to own the majority of the company, according to the release. Andrea Raphael, a GSAM spokeswoman, did not have information about the deal as of press time and calls to Mr. Brecker were not returned.
Longacre manages about $2.5 billion from offices in London and New York.