LM Capital Group bought back the 35% share of the money management firm it sold to a CalPERS joint venture in 2002, confirmed John Chalker, LM Capital managing director.
Mr. Chalker said the group repurchased its minority share from Investment Group Ventures, which had formed the joint venture with the $234.7 billion California Public Employees’ Retirement System, Sacramento, to buy the share in the money management firm.
Mr. Chalker said the CalPERS name helped the firm establish institutional credibility. Its assets under management grew to $4.7 billion as of March 31, from $487 million in April 2002 when CalPERS made its purchase.
Clark McKinley, a CalPERS spokesman confirmed the transaction, but neither he nor Mr. Chalker would discuss the terms of the deal.
CalPERS has a $249 million investment in a LM Capital fixed-income strategy.