KKR's Prisma, PAAMCO To Merge Into $30B Fund Of Funds, Liquid Alternatives Company

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Kramer Levin Naftalis & Frankel LLP

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The combined business will be named PAAMCO Prisma and will operate independently, although KKR will retain a nearly 40% stake.
United States Finance and Banking

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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