Australian investment banking giant Macquarie Group has reportedly agreed to sell its private equity funds of funds division to the unit’s three managers.
Macquarie Investment Management Private Markets, which has about A$5bn under management, has been sold to Michael Lukin, Andrew Savage and Shaw Ng according to Reuters, which cited a source with knowledge of the deal.
Rumours of a deal first surfaced earlier this month, and follows a pattern of investment banks reducing their exposure to riskier asset classes in the wake of the financial crisis.
Macquarie has already offloaded management of the US and European operations to RCP Advisors and SL Capital Partners, but it still owns the businesses according to PeHUB.
The deal is not thought to include the infrastructure and clean tech investing fund-of-funds operations.
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