US investment bank Bear Stearns has boosted its alternative assets portfolio with the A$115.5m ($105m) acquisition of Australian rival Macquarie’s listed private equity fund of funds division, despite publicly traded vehicles performing poorly over the last year compared to their benchmark indices.

Bear Stearns Private Equity, itself a listed fund of funds, acquired Macquarie Private Capital Group in order to boost its exposure to funds with Asian companies in their portfolios.