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PAAMCO, KKR in Deal

Irvine-based fund of hedge funds Pacific Alternative Asset Management Company plans to join with a unit of KKR Inc. in New York to form a firm with $34 billion in assets under management, according to a statement by both companies.

KKR will retain a 39.9% stake as a long-term strategic partner in the new company, which will include the operations of PAAMCO and KKR hedge-fund unit Prisma.

The other 60.1% will be majority owned by employees of PAAMCO and Prisma.

PAAMCO has $24 billion of alternative investment assets under management or advisement dedicated while KKR Prisma has approximately $10 billion of assets.

The new business will be led by co-CEOs Jane Buchan, co-founder and chief executive of PAAMCO, and Girish Reddy, co-founder of KKR Prisma.

The combined business will operate under the new global brand, PAAMCO Prisma Holdings. PAAMCO’s and KKR Prisma’s core investment and client teams will remain unchanged, the statement said. The transaction is expected to close in the second quarter of 2017.

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Peter J. Brennan
Peter J. Brennan
With four decades of experience in journalism, Peter J. Brennan has built a career that spans diverse news topics and global coverage. From reporting on wars, narcotics trafficking, and natural disasters to analyzing business and financial markets, Peter’s work reflects a commitment to impactful storytelling. Peter’s association with the Orange County Business Journal began in 1997, where he worked until 2000 before moving to Bloomberg News. During his 15 years at Bloomberg, his reporting often influenced financial markets, with headlines and articles moving the market caps of major companies by hundreds of millions of dollars. In 2017, Peter returned to the Orange County Business Journal as Financial Editor, bringing his heavy business industry expertise. Over the years, he advanced to Executive Editor and, in 2024, was named Editor-in-Chief. Peter’s work has been featured in prestigious publications such as The New York Times and The Washington Post, and he has appeared on CNN, CBC, BBC, and Bloomberg TV. A Kiplinger Fellowship recipient at The Ohio State University, he leads the Business Journal with a dedication to uncovering stories that matter and shaping the local business community and beyond.
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