Money from institutional investors and high net worth individuals may not flow into hedge funds as freely as a year ago. Nevertheless, the steady appearance of new funds is a clear sign that managers continue to see opportunity in the markets. Here’s a casual roster of newly- or recently-launched funds (or rumors of such) reported this week. We’re counting both hedge funds and fund-of-funds.
RAS India Absolute Return Fund – India-focused arbitrage-only fund of hedge funds
LRG Capital/Admiral Flagship Fund – opportunistic, convertible-centric multistrategy
Wegelin Multi-Strategy Fund – multistrategy fund of hedge funds
Haar Capital Management’s Tangible Commodity program – agricultural commodities, energies and metals
Josh Birnbaum of Goldman Sachs – will form a $1 billion hedge fund
Lehman Brothers – is raising a $3 billion fund of hedge funds
SPM Directional Mortgage Prepayment Strategy Fund – will invest in interest-only mortgage backed securities
Sequoia Capital – is rumored to be raising its first hedge fund
Aquila Capital’s Statistical Value Market Neutral Fund – “optimized exposure to assets that provide systematic risk premiums”
Merzbach Group – is raising a fund to invest in carbon markets
The Halsey Diversifier Fund – is a 12-15 manager fund of hedge funds
Jeffrey Larson formerly of Sowood Capital Management – may launch a new market-neutral fund
The Akeida Environmental Master Fund – focuses on trading carbon emissions
Unfortunately from a career perspective, most funds run a tight ship in the early stages, as long as funding is uncertain and strategies remain unproven. But now is definitely the time to network. Be in touch with hedge fund recruiters with whom you have strong working relationships, making them aware of your current skills and professional goals. If you haven’t developed those relationships – begin now. Neither over- nor under-assert yourself. An updated resume with a thoughtful email or phone call every few months is about right.
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