The Carlyle Group, a global alternative asset manager, will acquire Diversified Global Asset Management Corp. (DGAM), a global manager of hedge funds with more than $6.7 billion in managed and advised assets, Carlyle announced Tuesday.
DGAM will become Carlyle's fund of hedge funds platform in the transaction that is expected to close in February. George Main will continue as CEO and Warren Wright will continue as CIO, managing investments and the day-to-day operations of DGAM.
The DGAM partnership will enable Carlyle to offer investors the ability to allocate across alternatives in hedge funds, private equity and real estate, according to David M. Rubenstein, co-founder and co-CEO of Carlyle.
Established in 2004, DGAM is an independent alternative investment manager and advisor based in Toronto, Canada. DGAM's client base is institutional and includes public and private pension funds, endowments and sovereign wealth funds.
DGAM will become part of Carlyle's Solutions platform, which had assets under management of $48.4 billion.