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Carlyle Buys Hedge Fund Vermillion in Commodities Expansion

Businessweek – Carlyle Group LP (CG), the second-largest buyout firm, bought commodities hedge-fund manager Vermillion Asset Management LLC, adding $2.2 billion in commodities assets as the firm expands beyond private equity.

Carlyle purchased 55 percent of Vermillion for a mix of cash, stock and performance-based payouts, effective Oct. 1, Carlyle said today in a statement. The price wasn’t disclosed.

Vermillion, created in 2005 by Drew Gilbert and Chris Nygaard, will be part of Carlyle’s Global Market Strategies business, headed by Mitch Petrick. That unit manages about $29 billion across 53 funds, and is a key component of the firm’s strategy to offer more products outside of traditional corporate buyout pools and win more commitments from investors worldwide.

“Our team looks forward to leveraging Carlyle’s global network and deep knowledge of local markets to better exploit trading opportunities and inefficiencies in the global commodities markets,” Gilbert said in the statement.

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