Laurus to Open Hedge Fund
Alternative Investment News
By Pamela Appea
February 2001
Laurus Capital Management, LLC is launching a hedge fund that will focus on convertible debentures, will have onshore and offshore versions and be targeted toward institutions and high-net-worth individuals.
The fund, Laurus Family of Funds, is starting with seed capital of $5 million and has a target of $100 million, which Laurus seeks to raise over the next six to nine months.
This is the first time that Laurus Capital Management is actively seeking outside and institutional investors, said Eugene Grin, manager of the Laurus Family of Funds. Laurus. Which has four other funds, has basically run investments for friends and family, Grin noted. Laurus Family of Funds will largely rely on word-of-mouth to attract investors, he added.
Thursday, February 01, 2001
IPA Launches Offshore Bahamas Fund
IPA Launches Offshore Bahamas Fund
Alternative Investment News
By Pamela Appea
February 2001
International Portfolio Analytics expects to launch in March a duration-neutral mortgage arbitrage fund, Liquid Opportunities-Plus I. The offshore fund will follow the recent closure of Liquid Opportunity Plus, Ltd., which recently raised $325 million, over twice its original target, said Jon Knight, president.
Liquid Opportunities-Plus I. has seed capital of $5 million and a target of $100 million-$150 million. It will be marketed to both high-net worth individuals and institutions, and Bahamas-based IPA is seeking additional distribution channels, such as funds of funds and private banks, in the U.S. and Europe, Asia and the Middle East.
Marketing efforts for the new fund will include one-on-one meetings with investors, Knight said, adding he plans on visiting Europe within the next few days. Minimum investment for Liquid Opportunities-Plus I, $100,000 and it has targeted net returns of 7.5%-10.5%.
Using PlusFunds.com is an independent hedge fund service platform, Liquid Opportunities fund investors will be able to receive daily transparency reports online. Knight noted large pension funds, in particular, may find Plus Funds’ “benign transparency” attractive, he added
Alternative Investment News
By Pamela Appea
February 2001
International Portfolio Analytics expects to launch in March a duration-neutral mortgage arbitrage fund, Liquid Opportunities-Plus I. The offshore fund will follow the recent closure of Liquid Opportunity Plus, Ltd., which recently raised $325 million, over twice its original target, said Jon Knight, president.
Liquid Opportunities-Plus I. has seed capital of $5 million and a target of $100 million-$150 million. It will be marketed to both high-net worth individuals and institutions, and Bahamas-based IPA is seeking additional distribution channels, such as funds of funds and private banks, in the U.S. and Europe, Asia and the Middle East.
Marketing efforts for the new fund will include one-on-one meetings with investors, Knight said, adding he plans on visiting Europe within the next few days. Minimum investment for Liquid Opportunities-Plus I, $100,000 and it has targeted net returns of 7.5%-10.5%.
Using PlusFunds.com is an independent hedge fund service platform, Liquid Opportunities fund investors will be able to receive daily transparency reports online. Knight noted large pension funds, in particular, may find Plus Funds’ “benign transparency” attractive, he added
Chapman Opens New Euro Hedge Fund
Chapman Opens New Euro Hedge Fund
Alternative Investment News
By Pamela Appea
February 2001
PH Chapman Advisors has launched an offshore European long-short hedge fund. European Perspectives Ltd. The investment advisor also plans to offer investment opportunities in Asia and in private equity later this year, said Peter Chapman, founder.
European Perspectives Ltd. charges a 1.5% management fee and 20% performance fee and is registered in Bermuda and also listed in Dublin. It has a USD250,000 and EU250,000 minimum. Raphael Kanza will manage the fund. European Limited seeks to raise $300 million and has targeted returns of 20-25%.
The fund started with $10 million in seed capital.
Chapman, based in New York, counts about 30 wealthy families as clients, with most living outside the U.S., but is also open to institutional investors, such as foundations and endowments.
Alternative Investment News
By Pamela Appea
February 2001
PH Chapman Advisors has launched an offshore European long-short hedge fund. European Perspectives Ltd. The investment advisor also plans to offer investment opportunities in Asia and in private equity later this year, said Peter Chapman, founder.
European Perspectives Ltd. charges a 1.5% management fee and 20% performance fee and is registered in Bermuda and also listed in Dublin. It has a USD250,000 and EU250,000 minimum. Raphael Kanza will manage the fund. European Limited seeks to raise $300 million and has targeted returns of 20-25%.
The fund started with $10 million in seed capital.
Chapman, based in New York, counts about 30 wealthy families as clients, with most living outside the U.S., but is also open to institutional investors, such as foundations and endowments.
Resurgence Hires Bankruptcy Expert
Resurgence Hires Bankruptcy Expert
The Alternative Investment
March 2001
By Pamela Appea
Resurgence Asset Management has brought on board Marc Kirschner, a former bankruptcy and restructuring attorney. He joins as a managing director and general counsel and will work on its deal team analyzing new investments, bankruptcy and restructuring issues.
The investment firm specializes in distressed company securities and caters mostly to institutional investors, including pension plans and endowments. Resurgence, which manages a $1.2 billion in assets, is part of M.D. Sass, a White Plains, New York-based investment management company.
In explaining the move, Kirschner said he has worked in law for 33 years and wanted to pursue a second career. Kirschner was most recently a bankruptcy and restructuring attorney at Jones, Day, Reavis & Poague and was based in the law firm’s New York office.
In his new position, Kirschner will report directly to James Rubin, cio at Resurgence.
The Alternative Investment
March 2001
By Pamela Appea
Resurgence Asset Management has brought on board Marc Kirschner, a former bankruptcy and restructuring attorney. He joins as a managing director and general counsel and will work on its deal team analyzing new investments, bankruptcy and restructuring issues.
The investment firm specializes in distressed company securities and caters mostly to institutional investors, including pension plans and endowments. Resurgence, which manages a $1.2 billion in assets, is part of M.D. Sass, a White Plains, New York-based investment management company.
In explaining the move, Kirschner said he has worked in law for 33 years and wanted to pursue a second career. Kirschner was most recently a bankruptcy and restructuring attorney at Jones, Day, Reavis & Poague and was based in the law firm’s New York office.
In his new position, Kirschner will report directly to James Rubin, cio at Resurgence.
Performance is Driver Behind Alt Allocations
Performance is Driver Behind Alt Allocations
Alternative Investment News
By Pamela Appea
February 2001
The numbers are in--hedge funds are out front, driving institutions to allocate into the arena. With alternative investments beating the traditional stock and bond markets, institutional investors are expected to continue their move into hedge funds in 2001.
Buoyed by the sector’s strong performance, in general, many investment officers at pension plans, foundations and endowments are looking at entering or increasing their investments in these alternatives, consultants said. Hedge fund managers also report an uptick in interest from institutional investors.
“Last year, told the story and that convinced people who were sitting on the fence,” said Terry Jones, managing director at New York-based Arden Asset Management, a market-neutral fund of funds. “They really had to see it to believe it.”
Indeed, 2000 was a banner year for hedge funds which, according to the Hennessee Hedge Fund Review, returned 6.25% for the year, outperforming the Nasdaq Stock Market (-39.72%), the Standard & Poor’s 500 Index (-9.73%) and the Lipper Mutual Fund index (9.54%.)
“Last year was the first year, in perhaps five, that hedge funds really provided their mettle,” added Ross Ellis, a consultant at Oaks, Pennsylvania-based SEI Investments.
Charles Gradante, a principal at the Hennessee Group, said it is clear that more institutions are choosing to investment with hedge funds. Preliminary figures from the Hennessee Group’s soon-to-be completed annual survey show a large jump in institutional investors.
“The initial results … indicate … 20001 will entail the largest increase in institutional allocations to hedge funds--ever,” Gradante said.
Market Neutral, Arb Strats Seen as Top Picks
Marker neutral hedge funds, which returned 7.05% last year, according to the Hennessee Hedge Fund review, will continue to be in top demand, predicted consultants and hedge fund managers.
These funds have relatively low volatility, and though their returns may fall far short of stellar, they are uncorrelated to the traditional bond and stock markets. Because of this sector’s characteristics, Joseph Aaron, president of hedge fund consultancy Wood, Hat & Silver, said he felt it would continue to be a good fit for institutional investors.
Merger and convertible arbitrage strategies, which according to Hennessee, returned 17% and 8.61%, respectively, in 2000, will also be strong draws for institutional monies, predicted Jones. Whereas most hedge funds often tinker with their styles, the arbitrage strategies tend to stay more true to form, he noted.
Institutional investors are far less tolerant to style drift than affluent investors.
For those looking for higher returns and willing to take on more risk, healthcare/biotech and distressed debt strategies are worth watching, consultants recommended.
The healthcare/biotech and distressed debt strategies are worth watching, consultants recommended.
The healthcare/biotech sector, which was the top-performing last year at 62.37%, could present a high-risk, high-reward opportunity through the first half of the year, predicted Richard Bookbinder, a general partner and portfolio manager for Roebling Fund LP,
Alternative Investment News
By Pamela Appea
February 2001
The numbers are in--hedge funds are out front, driving institutions to allocate into the arena. With alternative investments beating the traditional stock and bond markets, institutional investors are expected to continue their move into hedge funds in 2001.
Buoyed by the sector’s strong performance, in general, many investment officers at pension plans, foundations and endowments are looking at entering or increasing their investments in these alternatives, consultants said. Hedge fund managers also report an uptick in interest from institutional investors.
“Last year, told the story and that convinced people who were sitting on the fence,” said Terry Jones, managing director at New York-based Arden Asset Management, a market-neutral fund of funds. “They really had to see it to believe it.”
Indeed, 2000 was a banner year for hedge funds which, according to the Hennessee Hedge Fund Review, returned 6.25% for the year, outperforming the Nasdaq Stock Market (-39.72%), the Standard & Poor’s 500 Index (-9.73%) and the Lipper Mutual Fund index (9.54%.)
“Last year was the first year, in perhaps five, that hedge funds really provided their mettle,” added Ross Ellis, a consultant at Oaks, Pennsylvania-based SEI Investments.
Charles Gradante, a principal at the Hennessee Group, said it is clear that more institutions are choosing to investment with hedge funds. Preliminary figures from the Hennessee Group’s soon-to-be completed annual survey show a large jump in institutional investors.
“The initial results … indicate … 20001 will entail the largest increase in institutional allocations to hedge funds--ever,” Gradante said.
Market Neutral, Arb Strats Seen as Top Picks
Marker neutral hedge funds, which returned 7.05% last year, according to the Hennessee Hedge Fund review, will continue to be in top demand, predicted consultants and hedge fund managers.
These funds have relatively low volatility, and though their returns may fall far short of stellar, they are uncorrelated to the traditional bond and stock markets. Because of this sector’s characteristics, Joseph Aaron, president of hedge fund consultancy Wood, Hat & Silver, said he felt it would continue to be a good fit for institutional investors.
Merger and convertible arbitrage strategies, which according to Hennessee, returned 17% and 8.61%, respectively, in 2000, will also be strong draws for institutional monies, predicted Jones. Whereas most hedge funds often tinker with their styles, the arbitrage strategies tend to stay more true to form, he noted.
Institutional investors are far less tolerant to style drift than affluent investors.
For those looking for higher returns and willing to take on more risk, healthcare/biotech and distressed debt strategies are worth watching, consultants recommended.
The healthcare/biotech and distressed debt strategies are worth watching, consultants recommended.
The healthcare/biotech sector, which was the top-performing last year at 62.37%, could present a high-risk, high-reward opportunity through the first half of the year, predicted Richard Bookbinder, a general partner and portfolio manager for Roebling Fund LP,
Laurus to Open Hedge Fund
Laurus to Open Hedge Fund
Alternative Investment News
By Pamela Appea
February 2001
Laurus Capital Management, LLC is launching a hedge fund that will focus on convertible debentures, will have onshore and offshore versions and be targeted toward institutions and high-net-worth individuals.
The fund, Laurus Family of Funds, is starting with seed capital of $5 million and has a target of $100 million, which Laurus seeks to raise over the next six to nine months.
This is the first time that Laurus Capital Management is actively seeking outside and institutional investors, said Eugene Grin, manager of the Laurus Family of Funds. Laurus, which has four other funds, has basically run investments for friends and family, Grin noted.
Laurus Family of Funds will largely rely on word-of-mouth to attract investors, he added.
Alternative Investment News
By Pamela Appea
February 2001
Laurus Capital Management, LLC is launching a hedge fund that will focus on convertible debentures, will have onshore and offshore versions and be targeted toward institutions and high-net-worth individuals.
The fund, Laurus Family of Funds, is starting with seed capital of $5 million and has a target of $100 million, which Laurus seeks to raise over the next six to nine months.
This is the first time that Laurus Capital Management is actively seeking outside and institutional investors, said Eugene Grin, manager of the Laurus Family of Funds. Laurus, which has four other funds, has basically run investments for friends and family, Grin noted.
Laurus Family of Funds will largely rely on word-of-mouth to attract investors, he added.
IPA Launches Offshore Bahamas Fund
IPA Launches Offshore Bahamas Fund
Alternative Investment News
By Pamela Appea
February 2001
International Portfolio Analytics expects to launch in March a duration-neutral mortgage arbitrage fund, Liquid Opportunities-Plus I. The offshore fund will follow the recent closure of Liquid Opportunity Plus, Ltd., which recently raised $325 million, over twice its original target, said Jon Knight, president.
Liquid Opportunities-Plus I. has seed capital of $5 million and a target of $100 million-$150 million. It will be marketed to both high-net worth individuals and institutions, and Bahamas-based IPA is seeking additional distribution channels, such as funds of funds and private banks, in the U.S. and Europe, Asia and the Middle East.
Marketing efforts for the new fund will include one-on-one meetings with investors, Knight said, adding he plans on visiting Europe within the next few days. Minimum investment for Liquid Opportunities-Plus I, $100,000 and it has targeted net returns of 7.5%-10.5%.
Using PlusFunds.com is an independent hedge fund service platform, Liquid Opportunities fund investors will be able to receive daily transparency reports online. Knight noted large pension funds, in particular, may find Plus Funds’ “benign transparency” attractive, he added
Alternative Investment News
By Pamela Appea
February 2001
International Portfolio Analytics expects to launch in March a duration-neutral mortgage arbitrage fund, Liquid Opportunities-Plus I. The offshore fund will follow the recent closure of Liquid Opportunity Plus, Ltd., which recently raised $325 million, over twice its original target, said Jon Knight, president.
Liquid Opportunities-Plus I. has seed capital of $5 million and a target of $100 million-$150 million. It will be marketed to both high-net worth individuals and institutions, and Bahamas-based IPA is seeking additional distribution channels, such as funds of funds and private banks, in the U.S. and Europe, Asia and the Middle East.
Marketing efforts for the new fund will include one-on-one meetings with investors, Knight said, adding he plans on visiting Europe within the next few days. Minimum investment for Liquid Opportunities-Plus I, $100,000 and it has targeted net returns of 7.5%-10.5%.
Using PlusFunds.com is an independent hedge fund service platform, Liquid Opportunities fund investors will be able to receive daily transparency reports online. Knight noted large pension funds, in particular, may find Plus Funds’ “benign transparency” attractive, he added
Gregoire Expands Analyst Team
Gregoire Expands Analyst Team
Alternative Investment News
By Pamela Appea
February 2001
John Levitt, a former hedge fund manager and convertible arbitrage specialist, has joined Gregoire Advisory Services, a hedge fund consulting firm, as an alternative investment analyst. Levitt was previously managing director of the Harvest Fund Group LLC, a convertible arbitrage hedge fund.
Prior to that, Levitt was v.p. in charge of convertible arbitrage for Spear, Leeds & Kellogg, now a division of Goldman Sachs. Based in Millburn, N.J., the firm provides hedge fund consulting services to banks and fund of funds managers as well as institutional investors.
Jim Gregoire, president of Gregoire Advisory, said essentially Gregoire allows institutional investors to create and manage their personalized fund of funds strategy.
The firm has almost $500 million of hedge fund portfolio under management or consultation.
Alternative Investment News
By Pamela Appea
February 2001
John Levitt, a former hedge fund manager and convertible arbitrage specialist, has joined Gregoire Advisory Services, a hedge fund consulting firm, as an alternative investment analyst. Levitt was previously managing director of the Harvest Fund Group LLC, a convertible arbitrage hedge fund.
Prior to that, Levitt was v.p. in charge of convertible arbitrage for Spear, Leeds & Kellogg, now a division of Goldman Sachs. Based in Millburn, N.J., the firm provides hedge fund consulting services to banks and fund of funds managers as well as institutional investors.
Jim Gregoire, president of Gregoire Advisory, said essentially Gregoire allows institutional investors to create and manage their personalized fund of funds strategy.
The firm has almost $500 million of hedge fund portfolio under management or consultation.
CooperNeff Launches Two Funds
CooperNeff Launches Two Funds
Alternative Investment News
By Pamela Appea
February 2001
Cooper Neff, a quantitative trading and investment management firm with a new hedge fun unit, plans to launch two European offshore funds, one an equity market neutral fund and the other an equity long/short fund, later this year.
Both funds, which CooperNeff declined to name, will be based in the Cayman Islands and will be targeted mainly at European institutional and high-net-worth investors individuals, said Daniel O’Shaugnessy, managing director of Risk Managed Fund.
The offshore funds will be similar to two CooperNeff offshore funds. Their minimum for investment will be $5 million.
The equity market neutral fund will carry a management fee of 1% and a performance fee of 20%, while the long/short fund will carry a 2% management fee and a 20% performance fee. O’Shaugnessy expects each fund will have the net return, of greater than 40%.
Alternative Investment News
By Pamela Appea
February 2001
Cooper Neff, a quantitative trading and investment management firm with a new hedge fun unit, plans to launch two European offshore funds, one an equity market neutral fund and the other an equity long/short fund, later this year.
Both funds, which CooperNeff declined to name, will be based in the Cayman Islands and will be targeted mainly at European institutional and high-net-worth investors individuals, said Daniel O’Shaugnessy, managing director of Risk Managed Fund.
The offshore funds will be similar to two CooperNeff offshore funds. Their minimum for investment will be $5 million.
The equity market neutral fund will carry a management fee of 1% and a performance fee of 20%, while the long/short fund will carry a 2% management fee and a 20% performance fee. O’Shaugnessy expects each fund will have the net return, of greater than 40%.
Chapman Opens New Euro Hedge Fund
Chapman Opens New Euro Hedge Fund
Alternative Investment News
By Pamela Appea
February 2001
PH Chapman Advisors has launched an offshore European long-short hedge fund. European Perspectives Ltd. The investment advisor also plans to offer investment opportunities in Asia and in private equity later this year, said Peter Chapman, founder.
European Perspectives Ltd. charges a 1.5% management fee and 20% performance fee and is registered in Bermuda and also listed in Dublin. It has a USD250,000 and EU250,000 minimum. Raphael Kanza will manage the fund. European Limited seeks to raise $300 million and has targeted returns of 20-25%.
The fund started with $10 million in seed capital.
Chapman, based in New York, counts about 30 wealthy families as clients, with most living outside the U.S., but is also open to institutional investors, such as foundations and endowments.
Alternative Investment News
By Pamela Appea
February 2001
PH Chapman Advisors has launched an offshore European long-short hedge fund. European Perspectives Ltd. The investment advisor also plans to offer investment opportunities in Asia and in private equity later this year, said Peter Chapman, founder.
European Perspectives Ltd. charges a 1.5% management fee and 20% performance fee and is registered in Bermuda and also listed in Dublin. It has a USD250,000 and EU250,000 minimum. Raphael Kanza will manage the fund. European Limited seeks to raise $300 million and has targeted returns of 20-25%.
The fund started with $10 million in seed capital.
Chapman, based in New York, counts about 30 wealthy families as clients, with most living outside the U.S., but is also open to institutional investors, such as foundations and endowments.
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