Carlyle moves into commodities with Vermillion deal

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Carlyle has bought a controlling stake in New York-based commodities trading hedge fund manager Vermillion Asset Management, marking the global private equity giant’s latest attempt to diversify its operations into other asset classes.

The Nasdaq-listed firm will take a 55 per cent stake in the company, which trades on agricultural products, metals, energy and staples including coffee, sugar and cocoa beans, and has about $2.2bn of assets under management.

Carlyle said it bought the interest in exchange for cash, an ownership stake in Carlyle and performance-based contingent payments payable over five-and-a-quarter years.

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