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Opalesque received news from Peter Vermeulen, editor of www.inveztor.nl, of another Dutch hedge fund’s closure.
On November 17, Amsterdam based Go Capital Asset Management decided to close down the Global Opportunities hedge fund (Source). The fund had at its peak approximately €600m under management, but the AUM more than halved to less than €300m.
The fund had installed a redemption gate as of March 11, 2008. Global Opportunities got hard hit by long holdings in illiquid micro- and smallcaps and by the demise of German aircraft engine manufacturer Thielert.
The fund will pay out in cash, per early January, 60 cents on the euro of the intrinsic value per ultimo December. Liquidation of the remainder (the most illiquid long holdings) will take two years by the estimation of Go Capital. Management fee will be reduced from 2 to 1% per January 1, 2009 and the performance fee of 20% will be killed in the unwinding period.
Year to date return in 2008 is -49%. Average annual return since the start of the fund in November 2000 (exactly 8 years ago) is +10%. In 2005, the fund won the Eurohedge European Equity (up to $ 500m) award.
Management, consisting of former ABN AMRO equity analysts, intents to start a new long/short hedge fund as of January 2009.
See our recent Opalesque Exclusive on Dutch HF closures:
Dutch...................... To view our full article Click here
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