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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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