From Katherine Burton:
Chris Shumway sold an 8 percent stake in his hedge-fund firm to a leveraged-buyout fund run by Goldman Sachs Group Inc., according to a letter sent to investors today.
Shumway Capital Partners LLC will use proceeds from the sale to help finance a partnership to include senior executives of the Greenwich, Connecticut-based firm, the letter said. Terms of the agreement with Goldman Sach's Petershill Fund were not disclosed.
"This investment brings us together with a leading Wall Street firm while allowing us the autonomy and ability to continue to manage our investment business in the same manner that we have since inception," Shumway wrote.