Carlyle Group to buy 55% stake in Tiger backed down

Private equity firm Carlyle Group has agreed to buy a 55% stake in hedge fund Tiger Management-supported fixed emerging sovereign group.

ESG, a New York-based company that focuses on emerging markets and macroeconomic strategies, agreed to the deal in exchange for cash, an ownership interest in the Carlyle and performance-based contingent payments.

The terms of the deal were not disclosed.

ESG was founded in 2002 by Kevin Kenny with an initial investment of Julian Robertson hedge fund firm Tiger management.

Tiger management will hold a significant investment in RESEARCH funds and an ownership interest in the RESEARCH NOTE after closure.

The deal comes as Carlyle is to add more liquid investments for a possible future public share sale within a year, according to Bloomberg.

Carlyle is the world's second largest venture capital company with 107 billion dollars under management 31 Dec 2010, according to the company's Web site.

Go to the Bloomberg article

Related articles
Tiger Management founder back in the Swing of things

Pershing Square UPS stake in Family Dollar

Pershing Square Capital Management has increased its share in one of the nation's largest discount retailer.

Bill Ackman hedge fund company now owns more than 10.8 million shares in the Family Dollar, or 8.9% stake, according to a Securities and Exchange Commission filing.

It makes the Pershing Square, the largest shareholder in Matthews, N.C.-based discount chain, overtaking Nelson Peltz Trian Fund Management 6.1 million shares.

Pershing Square relationship to Family Dollar is not new. A previous SEC filing in may indicated Pershing Square which owns 3.3 million shares on March 31.

Ackman also touted the benefits of investing in 7,000 store chain last month at the Ira Sohn investment conference last month, it is a successful company which "continues to include even in difficult economic environments," due to the geographical convenience and low overhead.

Nationwide chain produced 7.8 billion dollars in revenue in 2010, according to its annual economic report.

Type of economic success that attracts activist investor Ackman and Peltz, who made an unsolicited offer in March to buy the Family Dollar for $ 55 to $ 60 per share in cash. But the chain Peltzs offer rejected, and conducted a "poison pill" to discourage a takeover.

A Pershing Square spokeswoman declined to comment on whether increased effort.

Related articles
Investment ideas Galore at Sohn Conference
Peltz takes stake in Family Dollar