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Hamilton Lane moves into hedge funds with acquisition of The Richcourt Group

Hamilton Lane, one of the largest private equity fund of funds, has taken a significant step into the hedge fund sector with the acquisition of a controlling stake in hedge fund of funds manager The Richcourt Group. The deal will serve as a platform for Hamilton Lane's ambitions to broaden its range of asset management products.

Richcourt, founded in 1992, manages more than $1.5bn in hedge fund assets across a variety of investment strategies. Its international client base is composed of high net worth individuals, family offices and institutions.

Hartley R. Rogers, vice chairman of Hamilton Lane, said: 'This transaction makes tremendous strategic sense for Hamilton Lane and Richcourt, as it reflects the accelerating convergence of the private equity and hedge fund businesses and will enable us to serve better the respective institutional and individual clients of both firms.'

Richcourt was a wholly owned subsidiary of the CITCO Group Limited and CITCO will retain a significant stake in the business and continue to be represented on the Investment Committee. Richcourt will continue to work out of its New York offices and no operational integration is planned or required with the Hamilton Lane private equity team based in Bala Cynwyd, Pennsylvania.

Hamilton Lane has more than $34bn of assets under management, of which $5bn is discretionary.

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