Goldman Sachs’ private equity vehicle Petershill Fund has built a minority stake in Altana Wealth, the investment management group founded by Lee Robinson.
Petershill exercised its right to retain a stake in Altana under an agreement with Robinson’s previous venture, Trafalgar Asset Managers.
In April 2008 Petershill bought a 20% stake in Trafalgar for a reported figure of between $50 million and $100 million (around £63 million).
The deal included the right to keep a minority stake in a new future venture set up by Robinson, and this right has now been exercised.
‘It is with great pleasure both for our team and our clients to be associated with Petershill once again,’ said Robinson.
‘I have maintained a close relationship with Petershill over the past several years as they held a stake in my previous business and I have continued contact with them as I developed my new business,’ he added.
According to a statement by Altana, the arrangement is a passive investment and does not carry any investment management or board rights.
Altana recently launched two funds targeting absolute real returns for investors.
The Altana Inflation Trends fund, managed by Alex Krainer, was launched last month and aims to exploit potential large-scale dislocations in the commodities and financial markets.
While the Altana Sovereign Diversity Fund, managed by Ian Gunner, hopes to profit from the appreciation of currencies while managing the risk of stealth defaults by debtor nations.
A third fund managed by Robinson which will soon be available to investors, the Altana Distressed Assets Fund, focuses on unloved assets that are forced into selling situations or trading at low multiples of mid cycle earnings.