Goldman Sachs’ Petershill Fund will acquire a minority stake in global macro hedge fund manager Mount Lucas Management, confirmed Andrea Raphael, a Goldman Sachs spokeswoman.
Ms. Raphael would not disclose the terms of the agreement.
A news release from Mount Lucas indicated that the $1 billion Petershill Fund is acquiring a “passive minority interest” in the company, which “will retain complete autonomy over its management, operations, and investment strategies.”
Mount Lucas manages $1.8 billion in three strategies.
Also, “a substantial portion of the proceeds from the transaction will be reinvested in Mount Lucas’ funds,” according to the release.
Separately, Paul DeRosa will become chairman of Mount Lucas, effective Friday. The position has been vacant since the death in March 2008 of Frank Vannerson, according to the release.
Mr. DeRosa is a principal. With the change, Mr. DeRosa will hand over portfolio management of Mount Lucas’ flagship global macro investment approach, the MLM MacroPeak strategy, to Robert J. Barbera. Mr. Barbera will retain his position as chief economist, confirmed Raymond Ix Jr., senior vice president and the company’s spokesman.