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Apollo looks to exit fund of hedge funds Lighthouse after ‘disappointing’ performance

9 Jan 2014

lighthouseUS private equity major Apollo Global Management is reportedly looking to exit its investment in fund of hedge funds manager Lighthouse Investment Partners three years after buying into the business.

Apollo has been disappointed with Lighthouse’s performance and there have been disagreements about strategy according to Reuters, which cited people familiar with the matter.

It said Australian asset manager HFA Holdings, which owns Lighthouse, had hired Freeman & Co to explored options for Apollo exiting its stake – including a full sale of the business.

A statement from HFA said, “The Board of HFA routinely undertakes reviews of its various businesses, subsidiary business partners, organizational structure and capital structure, with a view to exploring ways to enhance shareholder value.

“In response to the media speculation, HFA advises that such a review process remains incomplete, and the undertaking of a review by the company in no way indicates a material transaction is imminent or certain.”

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