Taubman’s PJT Strikes White Oak Deal to Expand Hedge Fund Ties

  • PJT’s Park Hill will help White Oak take stakes in fund firms
  • Taubman predicted in February that funds would face trouble

PJT Partners Inc., the firm founded by Paul J. Taubman, has formed a partnership with private-equity firm White Oak Equity Partners to help hedge funds find more investors.

White Oak is focused on taking stakes in hedge fund firms overseeing less than $1 billion, and PJT’s Park Hill Group will help it evaluate possible investments, the companies said Wednesday in a statement. Park Hill will then work with the White Oak-backed funds on capital raising and marketing strategies.

Park Hill is seeking to expand hedge fund ties as some of the biggest pensions, endowments and insurers have sought to redeem their cash, citing underperformance and high fees. Large funds including Och-Ziff Capital Management Group, Perry Capital and Paulson & Co. have seen their assets decline this year as the industry suffered its biggest withdrawals since the financial crisis. Taubman in February predicted that many companies would see outflows amid market turbulence.

‘More Challenging’

“Capital raising has become increasingly more challenging in today’s market environment, and we are seeing more and more talented managers unable to market their funds,” Park Hill Partner Alex Moomjy said in the statement. “This relationship will help hedge fund managers increase their chances of successfully raising capital and growing their firms.”

Park Hill has helped raise more than $25 billion of institutional capital for hedge funds since 2006, according to its website.

White Oak is led by Chief Executive Officer Bruce Wilson, who was previously a chief operating officer at Daniel Loeb’s Third Point LLC and then was at North Creek Advisors, which helped early-stage hedge funds, according to his LinkedIn profile. Jeffrey Walsh, formerly of Wesray Capital Corp., is the founding investor.

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