Private equity firm the Carlyle Group (Nasdaq: CG) has purchased a 55 percent stake in Vermillion Asset Management LLC, a New York-based commodities investment manager.
Vermillion has about $2.2 billion in assets under management, and will be working with Carlyle’s global market strategies business. The target invests in various sectors, including energy and metals, while implementing the delivery of physical commodities.
The stake was acquired with an undisclosed amount of cash, an ownership interest in Carlyle and performance-based payments over about five years.
Carlyle, based in Washington, D.C., has $156 billion in assets under management.
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