KKR's Prisma hedge fund allocation unit will merge with fund of hedge funds manager PAAMCO in a strategic deal that creates a $30-billion firm with a significant presence in the fund-of-funds and liquid alternative sectors. The combined business will be named PAAMCO Prisma and will operate independently, although KKR will retain a nearly 40% stake. Employees will own the remaining 60%. The deal is expected to close in Q2, but financial terms weren't disclosed.
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