The Carlyle Group is increasing its exposure to the hedge fund world, announcing an agreement to buy Diversified Global Asset Management for a reported $33 million. Carlyle could pay an additional $70 million if DGAM achieves certain performance milestones. DGAM is a global manager of hedge funds with over $6.7 billion of AUM and advised assets. Carlyle already had stakes in hedge funds before the agreement, but hasn't expanded into non-PE assets as forcefully as The Blackstone Group or Apollo Global Management has. Earlier this month, Carlyle took control of Metropolitan Real Estate Equity Management, a global real estate investment firm with more than $2.6 billion in capital commitments.