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Petershill Fund Offshore LP, a Goldman Sachs’ (NYSE: GS) buyout fund, purchased a minority stake in David Ganek’s $4 Billion Level Global Investors LP.

The limited partnership is a $1 billion fund that is setup to purchase minority stakes in hedge funds. The investment won’t allow Goldman Sachs any management rights within the acquisition according to a letter from Ganek sent to clients yesterday. The company said it will use the funds from Goldman Sachs to help attract and retain top talent at the fund.

David Ganek is an alumni of Steven Cohen’s SAC Capital Advisors LLC. Ganek founded Level Global Investors in 2003. The company has 43 employees, of which 25 are investment professionals.

The Petershill fund has investments in three funds based in London, including Capula Investment Management LLP, Winton Capital Management Ltd. and Trafalgar Asset Managers Ltd. The fund also has an interest in Greenwich, Connecticut-based Shumway Capital Partners LLC.

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