The Rohatyn Group, a New York-based asset management firm that invests in various emerging markets, agreed to merge with the London private equity arm of Citigroup Inc.

The transaction combines Rohatyn, which is known as TRG Management LP, with Citi Venture Capital International, a $4.3 billion private equity fund. The firm will continue to be headed by Nicholas Rohatyn (pictured), the son of famed banker Felix Rohatyn, a Lazard Frères veteran best known for helping to prevent the bankruptcy of New York City in the 1970s and who also served as United States Ambassador to France.

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