Alternative Investment Partners, AIP-Kingsmont Fund I and Kingsmont Investment Management, have been awarded a new mandate and have become the new general partner and portfolio manager for a hedge fund.

The fund was previously managed by Pearl and McKinney and its principal Charles Tate, a portfolio manager and founder of Hicks, Muse, Tate & Furst which was involved in more than 400 transactions with a total capital value of approximately USD50bn.

Alternative Investment Partners was instrumental in putting the transaction together and an agreement was signed in June 2012. A new executive team composed of Paget Warner, Alex Kanayev and Jay Bala will assume responsibility for management of the fund's portfolio.