×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: Citigroup | Sells | Private | Equity | Unit

Report: Citigroup Sells Private Equity Unit

Wednesday, 07 July 2010 03:48 PM

Citigroup Inc has agreed to sell its private equity unit to Lexington Partners for more than $900 million, PE Hub said on Wednesday, citing multiple sources.

StepStone Group will provide management services for the unit, according to the report.

The sale would mark another step in Citigroup's efforts to unload its unwanted assets from its Citi Holdings repository. It includes Citigroup's stakes in bank-branded funds-of-funds, mezzanine and co-investment vehicles, PE Hub reported.

Citigroup sold the portfolio at a slight discount to its net asset value and a small premium to its holding value, according to the report.

Citigroup spokesman Stephen Cohen declined to comment. Representatives for Lexington Partners and StepStone Group did not immediately respond to a request for comment.

© 2022 Thomson/Reuters. All rights reserved.


FinanceNews
Citigroup Inc has agreed to sell its private equity unit to Lexington Partners for more than $900 million, PE Hub said on Wednesday, citing multiple sources. StepStone Group will provide management services for the unit, according to the report. The sale would mark...
Citigroup,Sells,Private,Equity,Unit
120
2010-48-07
Wednesday, 07 July 2010 03:48 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved