Ritchie announces $1B deal with Reservoir Capital

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Ritchie Capital Management announced yesterday that it has closed a deal with Reservoir Capital Group to sell roughly half the assets of its flagship Ritchie Multi-Strategy Fund for about $1 billion.

Ritchie also told investors yesterday that it was in the process of wiring June 2006 redemptions out and that the firm expects that it will “soon be able to wire the initial payments from the Reservoir deal.”

A team of investment professionals led by firm founder Thane Ritchie will continue managing fund assets, which include additional private equity, life settlements and real estate. Ritchie is negotiating to sell the fund’s