France’s Edmond de Rothschild has sold its 75 percent stake in its private equity fund of funds business, Financial Times reports. David Seligman, founder of the division and a former SG Warburg banker, and his management team have bought the stake in Private Equity Select. The fund of funds invests in small European buy-out funds and manages assets worth $277 million.
The private equity business mainly serves family offices in the U.S. and elsewhere. La Compagnie Financière Edmond de Rothschild Banque was anchor investor and majority owner of the business when it was started in 2003. Its name will be changed to Seligman Private Equity Select.
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La Compagnie Financière U.S. David Seligman Edmond de Rothschild France