Diamond Castle nears completion of fund recap


nyyPrivate equity firm Diamond Castle Holdings is reportedly close to completing a recapitalisation of its $1.8bn fourth fund.

LPs in the fund will be able to sell their stakes to Goldman Sachs Asset Management and NewGlobe Capital Partners, said Dow Jones, citing people with knowledge of the situation.

Diamond Castle Partners IV was closed in 2006, just ahead of the onset of the global financial crisis.

The fund was generating an IRR of one per cent and a return multiple of 1.05 times as at the end of March, data from Oregon Public Employees Retirement Fund.

Diamond Castle invests between $50m and $200m in various types of deals including leveraged buyouts and recapitalisations in the US and Canada.

The firm currently has $1.85bn under management.

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