PE Mergers a Reality? Edgewater Sells To Lazard
Lazard today announced plans to purchase Chicago-based Edgewater Funds, in what is only the third example of a private equity firm takeout that I can think of. This begs an obvious question: Why? The press release says that Edgewater, which makes growth-oriented investments, will "compliment Lazard's Financial Advisory business in the Midwest." Other than Lazard's desire for a Chicago office, this tells us precisely nothing, which is just how press release writers like it. The less-obvious question is: What happens to Edgewater's current efforts to raise $750 million for a new fund? It entered the market last year and has only raised
16 July 2009•2 mins read
