New York Life Investments said Thursday it signed an agreement to acquire a majority stake in Private Advisors, LLC, a fund of hedge funds manager based in Richmond, Virginia with $3.9 billion in assets.

Private Advisors is led by founder and managing partner Louis Moelchert, Jr, who prior to the creation of the firm managed the endowment for the University of Richmond for over 25 years.  The endowment first put money to work into alternative investments in the early 1980s.

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