Citigroup makes its Metalmark
Citigroup has acquired Metalmark Capital Partners, a private equity firm created by former Morgan Stanley executives, for an undisclosed amount.
Citigroup Inc. has acquired Metalmark Capital Partners LP, a private equity firm created by former Morgan Stanley executives, for an undisclosed amount.
Under the terms of the agreement, Metalmark said it would become part of Citigroup’s alternative investments group, which manages capital on behalf of the company, as well as for third-party institutional and high net-worth investors.
Citigroup’s purchase of Metalmark, which focuses on middle-market deals, follows its acquisitions of Carlton Hill Global Capital LLC, a fixed-income money manager focused on credit derivatives, and the hedge fund Old Lane Partners.
Vikram S. Pandit, a co-founder of Old Lane, who became the head of the alternative investments group at Citigroup, is a leading candidate to become the bank’s chief executive (InvestmentNews, Dec. 3) .
Metalmark Capital was established in 2004 by executives of Morgan Stanley Capital Partners to manage the Metalmark Capital and Morgan Stanley Capital Partners funds, which have invested $7 billion of equity capital in over 100 companies over the past 20 years.
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