For example, what does it mean that Lazard purchased a 45% non-controlling interest in some fund of funds firm? What implication does it have for both Lazard and the fund?
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It means that they acquired a 45% stake in the General Partner's holding company (not the underlying investments). They are actually looking for exposure to the management fees and carried interest.
More and more institutions (GS's Peterhill, Neuberg Berman's Dyal...) are creating funds to invest in the GPs of hedge funds, PE funds or Fund of Funds.
Why? The founders of the funds are looking to exit the fund that they created + the constant winners in the investment industry are the GPs (management team), not the LPs.
So it means that the founders of the funds are not doing well so they want to exit? does it mean something bad for the fund?
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