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Alternative Market Briefing

$350m Glazer Capital launches Glazer Enhanced Fund, on track to asset raising goal of doubling firm assets

Monday, July 26, 2010

From Kirsten Bischoff, Opalesque New York:

New York-based merger arbitrage shop, Glazer Capital Management recently announced the launch of a higher leverage version of its Glazer Onshore Fund. The strategy, which focuses on mergers and acquisitions in the US, Canada and Europe and has achieved annualized returns of over 10% for investors since its launch in late September 2001.

The newly launched Glazer Enhanced Fund will seek to provide investors with targeted returns above the flagship fund, and will use two-times leverage to achieve this. The Glazer Enhanced Fund launched on July 1, with $12m in assets.

After 2008 performance of +8.85% and 2009 gains of +13.89%, the firm began a capital raise initiative early this year, seeking to double its assets under management from $265m to $500m. In addition to the launch of the new fund and further allocations to the flagship fund, Glazer Capital will begin August 2010 with over $350m in capital, impressive growth during a very slow asset-raising period for many hedge fund firms. The additional August launch of an offshore version of the Glazer Enhanced Fund should also boost the firm's overseas asset raising campaign as well.

According to the firm's June investor letter the flagship fund is up +3.25%, and Opalesque has learned that as of mid-July the fund had added an additional 50bps to its performance.......................

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