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Evercore Launches Investment Group
HighView Investment Group ropes in former BlackRock president, others, en route to $600 million fund--distressed, hedge fund & PE investments also on the map.
September 1, 2008
Evercore Partners Inc., the former president and co-founder of BlackRock and others have joined together to launch HighView Investment Group, a real estate investment fund controlling more than $600 million.
Ralph Schlosstein, the BlackRock veteran, will lead the investment group and will seek to acquire minority interests in independent alternative asset managers, including hedge funds, private equity, distressed debt, real estate, high-performance equity and fund-of-funds.
"As we have often said, our top strategic objective is to better balance Evercore between its advising and investing activities. HighView is a very attractive step in this direction," said Roger C. Altman, chairman and chief executive of Evercore. "Through this relationship, we will have the opportunity to invest in alternative investment managers through a scaled and diversified platform, and to partner with world-class management talent."
Evercore will commit $150 million over a four- to five-year period, offering management, advisory services and infrastructure support to its investment; Altman will join HighView’s board.
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