ION Seals Acquisition of Italy’s Prelios from Davidson Kempner in Estimated $1.5 Billion Deal (Reuters)
U.S. hedge fund Davidson Kempner Capital Management (DK) said on Friday it had agreed to sell Prelios to fintech firm ION Group, in a long-awaited deal which two sources said valued the Italian credit manager at 1.35 billion euros ($1.5 billion). DK, which did not disclose the sale price, had been looking for a buyer for years, and held discussions for several months with ION. Dublin-based ION Group was in turn in talks with banks for months to secure funding for the deal.
Oaktree Targets Record Private Debt Fund of Over $18 Billion (Bloomberg)
Oaktree Capital Management is looking to raise more than $18 billion in what would be the largest-ever private credit fund, according to people with knowledge of the matter. The $179 billion alternative investment manager is raising a 12th fund, called the Oaktree Opportunities Fund XII, for its opportunistic credit strategy, said the people, who asked not to be identified because they’re not authorized to speak about it.
Deutsche Bank Rehires Ex-Head of Distressed Debt from Hedge Fund Solus (Hedge Week)
CJ Lanktree, who ran distressed debt trading for Deutsche Bank between 2003 and 2012, is back in a similar role at the bank, running its US distressed business, after parting company with hedge fund Solus Alternative Asset Management, according to a report by eFinancial Careers. Mark Doria, Head of US Distressed Trading, and Brad Sweeney, Head of US Research will both report to Lanktree, while Lanktree will report to Dan Crowley, Head of US Flow and Distressed Trading.
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They Co-Own A $60 Billion Hedge Fund. They Hate Each Other. One Is Getting Divorced (With No Prenup). And It’s A Huge Mess. (CelebrityNetWorth)
John Overdeck and David Siegel have run a hedge fund called Two Sigma for over two decades. Today they manage $60 BILLION in assets. According to wikipedia’s list of the world’s largest hedge funds, they are the seventh largest hedge fund in the world. BUT Wikipedia assumes Two Sigma’s assets under management are $40 billion, when in fact the current number is $60 billion. If we use $60 billion, Two Sigma is the third-largest hedge fund in the world, and the second-largest hedge fund in America.
Jefferies Financial Group Receives Investments from Pinnacle Associates Ltd. And other Hedge Funds (ClaytonCountyRegister.com)
Pinnacle Associates Ltd. recently purchased 7,300 shares of Jefferies Financial Group Inc. (NYSE:JEF) during the first quarter, adding approximately $232,000 to their position. In addition to Pinnacle Associates Ltd., other hedge funds have also bought and sold shares of Jefferies Financial Group. These include BlackRock Inc., First Trust Advisors LP, State Street Corp, Dimensional Fund Advisors LP, and Charles Schwab Investment Management Inc., among others. Jefferies Financial Group Inc.’s stock opened at $35.58 on Tuesday, with a 50-day moving average of $33.77 and a 200-day moving average of $33.71. The company has a market capitalization of $7.86 billion, a price-to-earnings ratio of 18.34, and a beta of 1.42.
