GLOBAL - K2, the US based fund of hedge funds business, is to search for European and Asian acquisition targets following a deal with TA Associates, which is to take a "substantial minority stake" in the business.

TA Associates this month acquired a stake in the UK fund management house Jupiter from its parent Commerzbank.

"This investment will allow us to accelerate our European and Asian efforts," William A. Douglass, managing director at Stamford-based K2, told IPE.  He would not disclose the size of the stake.

He added that the deal would also allow the firm to pass equity to key staff members and will allow it to invest $100m (€75m) in its own strategies

Douglass said that key clients, which include Sweden's AP7 fund, had been contacted and were positive about the transaction.

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