Boston-based money manager David Abrams has acquired a 15 percent stake in Liechtenstein-based fund of funds Castle Private Equity, according to a filing with the SIX Swiss Exchange.
Abrams purchased roughly 6.5 million shares in Swiss-listed Castle through his Abrams Capital Management investment vehicle. Financial details of the transaction were not disclosed. Swiss regulations require investors purchasing stakes in companies listed on the Swiss stock exchange to disclose transactions once the percentage stake being acquired passes a certain threshold.
Castle Private Equity is managed by LGT Private Equity Advisers, a joint venture between Lichtenstein-based asset managers LGT Group and Swiss alternatives firm Partners Group. It listed on the Swiss exchange in 1997 and has commitments to more than 150 funds including TPG Partners V, Apollo Overseas Partners VI and OCM European Principal Opportunities Fund.
Last month, LGT Capital Partners and AXA Private Equity teamed up to buy a €620 million portfolio of private equity holdings from German bank HSH Nordbank. The deal highlighted the keenness of some German financial institutions to sell off illiquid assets. LGT manages over $21 billion in hedge fund and private equity assets, according to its website.
In June, Abrams acquired roughly a 20 percent stake in CC Media Holdings, the parent company of Clear Channel Communications, worth about $30 million, according to filing with the US Securities and Exchange Commission.