Hedge Funds

Claren Road sells stake to Goldman

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Claren Road Asset Management, the $2.7 billion global long/short credit firm founded by former Citigroup prop traders Brian Riano, John Eckerson, Sean Fahey and Albert Marino, has sold a minority stake to the Petershill Fund Offshore, a private equity vehicle run by Goldman Sachs.

New York-based Claren Road disclosed the deal to investors on March 24 - just a week before it was set to launch Claren Road Credit Opportunities Fund, a concentrated version its flagship, Claren Road Credit Master Fund.

Terms for the passive equity stake were not disclosed, and both Goldman and Claren Road declined to comment.