SAC considers stake sale

SAC Capital Advisors LLC, the $14 billion hedge fund manager run by billionaire Steven Cohen, is considering selling up to 20% of itself in a private offering, published reports said. The Stamford, Conn.-based firm is reportedly marketing stakes to foreign investors, including Asian government-operated funds such as Temasek Holdings of Singapore. Lehman Brothers Holdings Inc. is said to be leading the sales pitches. If the sale goes through, SAC will join the growing list of alternative investment managers who have cashed in through large private offerings. Private equity fund The Blackstone Group L.P. sold a $3 billion non-voting stake in itself to the Chinese government before its IPO. Hedge fund manager D.E. Shaw & Co., L.P. sold 20% of itself to Lehman Brothers in March. Avenue Capital Group sold nearly 20% to Morgan Stanley, while Apollo Management also plans to sell stakes in itself to the investment arm of the Abu Dhabi government.