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From Kirsten Bischoff, Opalesque New York:

With pension funds like behemoth investor CalPERS allocating to emerging hedge fund managers ($400m to three managers last month alone), and banks like Goldman Sachs looking to cash in on the success of emerging managers with a newly announced fund of funds focused on emerging managers that the firm is currently raising "hundreds of millions of dollars for" (Source), there is definitely a growing interest in gaining portfolio exposure to the apparent outperformance of a hungry, new manager.

The performance of the top funds listed in the Opalesque Emerging Manager Database speak to the ability of newer (and usually smaller) funds to make gains in difficult markets. In April, the top three performers in that database reported gains of +17.58% (long/short equity), +9.7% (long/short equity), and +9.47% (short term interest rates). The May returns of these emerging managers will be an interesting study as it is widely believed that almost every strategy across hedge funds struggled through the month, and some of the biggest funds are down significantly.

Upcoming London emerging mana......................

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