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6 Apr 2010

Goldman Sachs Invests In $4 Billion Hedge Fund

Goldman Sachs’s Petershill Fund Offshore LP, a $1 billion fund set up buy hedge fund shares has bought a minority stake in a $4 billion hedge fund, according to a Bloomberg report.

The New York hedge fund, Level Global Investors LP., founded by David Ganek, bets on the global rise and fall of stock prices employing long/short strategy to make its investments. The firm typically invests in technology and financial sectors. Level Global Investors was founded in 2003 and is based in Greenwich, Connecticut with an additional office in New York, New York.

“We believe this investment by Petershill is an important milestone in the continued development of Level Global’s investment management platform as an institutional quality business,” managing partners David Ganek and Anthony Chiasson said in a letter to shareholders, which was first published by Bloomberg news.