April 03, 2006
Thanks and a Final Thought on Hedge Fund/Private Equity Fund Convergence
Posted by Bobby Bartlett

Many thanks to Gordon, Christine and Vic for allowing me to guest-blog for the past two weeks. I’ve really enjoyed the chance to participate in this excellent forum.

Additionally, I wanted to close by passing along news of a recent development relating to the issue of hedge fund/private equity fund convergence on which I previously wrote. Following KKR’s recent investment in GMAC’s Commercial Holding Corporation last week, GM is expected to announce today an even larger ($14 billion) strategic investment in GMAC Finance by a different consortium of investors. (NYT article here). Any guesses on who led the transaction? If you guessed the hedge fund (Cerberus Capital) that nearly beat KKR in last week's GMAC transaction, you’d be correct. In fact, Cerberus and KKR appear once again to have been the primary contenders in the auction. (Why do I suspect there is no love lost between the general partners at KKR and Cerberus?) While it’s uncertain if the transaction will solve GM’s financial woes, it certainly underscores the potential convergence of hedge funds and private equity funds.

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