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January 24, 2013 12:00 AM

KKR buys 25% stake in Nephila

Arleen Jacobius
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    KKR made a minority interest investment in Nephila Capital, a money manager that invests in reinsurance risk, including natural catastrophe and weather risk, confirmed Kristi Huller, KKR spokeswoman, in an e-mail.

    KKR is acquiring its 24.9% stake from management and Man Group; Man will retain an 18.75% interest. Terms of the deal, which closed Wednesday, were not disclosed.

    Nephila, which managed about $8 billion in assets as of Jan. 1, was formed in 1998 by Frank Majors and Greg Hagood as part of Willis Ltd., which at the time was a KKR portfolio company. KKR is buying the firm with balance sheet capital to broaden its liquid alternative investment and hedge fund strategies.

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