A Turkish Private Equity Web Log

In an effort to cover the Turkish Private Equity Industry - for the promotion of Entrepreneurship, the private equity asset-investment model, and the communication thereof.

AIG Unties Turkish Blue Voyage Fund
At the beginning of September, a contact from AIG sent a press release concerning the AIG Blue Voyage Fund - Turkey. As we all know, AIG has had some trouble of late, and it only seems natural that they should streamline their operations. Per the press release:

American International Group, Inc. (AIG) has announced an agreement to sell a portion of its investment advisory and asset management business to Bridge Partners, L.P., a company owned by Pacific Century Group (PCG), the Hong Kong-based private investment firm. AIG is retaining its in-house investment operation that oversees approximately $480 billion of assets under management.

The purchase price of approximately $500 million consists of a cash payment of approximately $300 million at closing, plus additional future consideration that includes a performance note and a continuing share of carried interest.

"After conducting an extensive and rigorous auction process, we concluded that this transaction provides fair value for AIG and achieves the greatest long-term stability and potential for the business, its clients, business partners and employees," said Alain Karaoglan, AIG Senior Vice President - Divestiture.

The units being sold operate in 32 countries and manage approximately $88.7 billion of investments of institutional and retail clients across a variety of strategies, including private equity, hedge fund of funds, listed equities and fixed income. Win J. Neuger will continue as Chief Executive Officer of the new business and the existing management team will remain in place.

This transaction includes the Blue Voyage Fund. Managing Director Serkan Elden remains at AIG Investments. The Blue Voyage Fund link has been removed from the Index.

For other Grandstanding posts regarding AIG and the Blue Voyage Fund, click on the labels below.

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Posted @ 13:21  
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