GMT Dot-Com Era Fund’s Restructuring Said to Hit Snag Over Pay
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GMT Communications Partners Ltd.’s attempts to let investors recoup commitments they made to a fund during the dot-com bubble are hitting a snag: some of the private equity firm’s backers want dealmakers to hand back part of their compensation, people with knowledge of the talks said.
GMT, which traces its origins back to U.K. merchant bank Barings, hired Park Hill Group LLC to find buyers for investors’ stakes in a 368 million-euro ($506 million) pool the firm raised in 2000, said the people, who asked not to be identified because the talks are private. Managing partners Timothy Green and Jeffrey Montgomery appointed Park Hill after struggling to sell all the fund’s investments.