The private equity backers of a liquid alternatives mutual fund shop have hired an investment bank to find a buyer for the fund firm.

Marty Beaulieu Altegris Executive Chairman

New York City-based Freeman & Co. is working on the sale of Altegris [profile], MFWire has learned. MFWire broke the news last week that La Jolla, California-based Altegris is on the block. Private equity firms Aquiline Capital Partners and Genstar Capital bought Altegris from Genworth three years ago.

Freeman & Co. CEO Eric Weber and spokespoeple for Aquiline and Genstar all declined to comment for this story. A spokesperson for Altegris did not return a call for comment.

Meanwhile, last week Aquiline and Genstar closed on the $768-million sale of TAMP AssetMark to Huatai Securities. Aquiline and Genstar bought AssetMark and Altegris together from Genworth in 2013 for a combined $412.5 million. (So even without the Altegris sale, the PE shops got a 23.02 percent annual return on their $412.5-million AssetMark investment.) 

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