IStar Financial Inc., the commercial real estate lender, sold its stake in $12.8 million asset manager Oak Hill Advisors LP to a group including General Atlantic LLC and billionaire Robert Bass.
The transaction increases the management team’s majority stake in the firm, according to a statement distributed Oct. 25 by PR Newswire. Oak Hill has raised more than $4 billion of net new capital since January 2008, according to the release.
“With a strong relationship with Oak Hill in place and an ongoing investment in several Oak Hill funds, we look forward to continuing to benefit from their strong presence and expertise in the credit markets,” Jay Sugarman, IStar chairman and chief executive officer, said on an Oct. 27 earnings call.
New York-based IStar acquired a minority interest in Oak Hill in 2005.
“Oak Hill greatly values the relationships they have with General Atlantic and Mr. Bass,” said Christine Castro, a spokeswoman for Oak Hill.
General Atlantic has invested almost $3 billion in more than 24 financial services companies globally since its founding in 1980, according to the release.
“We have looked at the asset management space and this is a good opportunity,” Pat Hedley, managing director at Greenwich, Connecticut-based General Atlantic, said in a telephone interview. She declined to comment on the purchase price.