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Alternative Market Briefing

Multi-manager firm sees ongoing volatility as 'just perfect' for hedge fund format

Friday, October 21, 2011

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Carrie McCabe
Benedicte Gravrand, Opalesque Geneva:

New York-based Lasair Capital’s aim is to serve as an "investor to investors." Launched in 2008 with a Fortune 10 pension trust as a sponsor, the firm uses a unique long/short equity strategy.

To understand more about Lasair’s service and strategy, Greg Despoelberch went to see Carrie McCabe, founder of Lasair, for an exclusive Opalesque TV interview.

McCabe has been in the hedge fund industry for 25 years, starting at Bear Stearns trading in government securities, and including times as CEO at Blackstone and as head of Americas at Financial Service Management.

Lasair is not a fund of funds, she explains; instead it is an alternative asset management platform with a multi-manager hedge fund strategy approach. Funds of funds are over-diversified, she says, and "if you over-diversify you can end up getting a bond return for hedge fund risk." Lasair’s first silo is concentrated equity long/short.

She started her firm with an approach different from the rest: "We really believe and expect here that when our clients prosper, they prosper first and then we prosper with them; it is a subtle difference, but very important."

As far as she is concerned, long-only investing is old school. Her simile for long/short investing is that it is like inves......................

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