World's Second-Largest Alternative Asset Manager Shuts Down Hedge Fund
Carlyle will shut down Diversified Global Asset Management, the hedge fund-of-funds it bought in 2014 to expand beyond private equity.
Carlyle CEO Glenn Youngkin says the bumpy market spelled rough times for DGAM. Instead, the private equity giant wants to focus investment where it sees the most momentum, Bloomberg reports.
Carlyle chose the wrong time to branch into hedge funds, as global market turmoil has been hitting it hard across the board. Bisnow just reported how hedge fund selloffs are tanking areas of the REIT market.
DGAM’s shuttering leaves Carlyle with two fund-of-funds, AlpInvest Partners and Metropolitan Real Estate Equity Management. The latter just completed raising $550M to buy stakes in secondary market property funds. [Bloomberg]
