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Goldman effort to buy out Duke Street 2007 fund LPs hits the wall

25 Feb 2014

pounds3_lrgGoldman Sachs’ attempt to buy out investor interests in Duke Street’s 2007 fund have reportedly stalled amid a lack of enthusiasm from the fund’s LPs.

Dow Jones first reported the news, citing people familiar with the matter.

Goldman was said to have agreed a €100m deal to pick up the fund stakes last August by Bloomberg, which added that the move was part of a wider deal to buy out investors in the firm’s previous vehicles.

Two months earlier Duke Street had agreed to sell a 35 per cent stake in the firm to French investment group Tikehau, with a view to launching a new £150m fund.

In February 2012 the firm abandoned fundraising efforts for its seventh investment vehicle after experiencing a low level of demand from investors.

It launched the fund in mid-2011, but cancelled the fundraise after failing to hit its €250m target for a first close.

Earlier this month the firm made a 3x return selling specialised debt buyer Marlin Financial Group to Cabot Credit Management for £295m, yielding a 3x return on its investment.

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