I’m kidding, of course. As you may have heard, Carlyle is considering buying a stake in a hedge fund manager and is in talks with multiple firms, in addition to looking to raise “two new debt funds and a $1 billion pool to buy small companies.” The units would be overseen by Mitch Petrick, who joined the firm in March from Morgan Stanley. Presumably, there are at least a few people who are amped about Petrick’s potential stewardship, while others are, how to put this, less than thrilled. Continue reading »
Old Lane
Some Investors Having Difficulty Forming An Opinion On Carlyle’s Foray Into Hedge Funds
By Bess Levin
I give this new hedge fund my highest recommendation.Remember Old Lane Partners? You know, that hedge fund that Citigroup had to buy to get its hands on CEO of the Century Vikram Pandit?
Well, if you missed out on the chance to lose your shirt on it during its all-too-short two years of (mis)managing money, don’t despair. You may yet have another chance.
Guru Ramakrishnan–the last CEO of the doomed hedge fund–and five other former Old Laners are back, sans Vikram, of course. And despite the Old Lane’s disastrous run, they’ve managed to raise more than $200 million from outside investors eager to see if Old Lane Part Deux (officially called Meru Capital) can match Old Lane’s intoxicating mix of hubris, incompetence and extraordinary enrichment of its managers.
