Black River stake in Galtere

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Black River Asset Management, the new Cargill spin-off, has taken a significant minority stake in Galtere, the New York hybrid global macro/commodity fund run by Renee Haugerud.

Under the terms of the strategic alliance, the Galtere fund will also receive a $60 million infusion of cash from Black River, which is based in Minneapolis. Haugerud will also get back office, risk management and marketing support.

The agreement represents a homecoming for Haugerud, who developed her theme-based approach while working for Black River chief, Gary Jarrett, at Cargill 10 years ago. Her current themes include precious metals, commodity supply and