Eric Schmidt just bought 20% of hedge fund DE Shaw for $500 million or so. It controls $32 billion.

Google chairman Eric Schmidt just bought a 20% stake in hedge fund manager DE Shaw.

The stake was previously owned by the estate of Lehman Brothers Holdings.

DE Shaw manages about $US32 billion in assets.

Schmidt bought the stake through his family office, Hillspire.

Terms of the deal were not disclosed in a press release.

Last year, the WSJ reported that Boston investment firm Affiliated Managers Group was in talks to buy the same 20% stake for $US500 million.

When Lehman bought the stake in 2007, it reportedly paid between $US750 million and $US800 million.

Schmidt is worth $US8 billion or $US9 billion, according to most estimates.

We reached out to DE Shaw for comment and will update this story if the firm gets back to us.

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