The private equity backers of a liquid alternatives mutual fund shop have hired an investment bank to find a buyer for the fund firm.
| Marty Beaulieu|
New York City-based Freeman & Co.
is working on the sale of Altegris
has learned. MFWire broke the news
last week that La Jolla, California-based Altegris is on the block. Private equity firms Aquiline Capital Partners
and Genstar Capital
bought Altegris from Genworth three years ago.
Freeman & Co. CEO Eric Weber
and spokespoeple for Aquiline and Genstar all declined to comment for this story. A spokesperson for Altegris did not return a call for comment.
Meanwhile, last week Aquiline and Genstar closed
on the $768-million sale of TAMP AssetMark
to Huatai Securities
. Aquiline and Genstar bought AssetMark and Altegris together from Genworth in 2013 for a combined $412.5 million. (So even without the Altegris sale, the PE shops got a 23.02 percent annual return on their $412.5-million AssetMark investment.)
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