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Alternative Market Briefing

Sovereign wealth funds stick with brand name hedge funds

Monday, November 26, 2012

Bailey McCann, Opalesque New York:

Sovereign Wealth Funds (SWFs) are some of the largest investors in both public and private markets, but their inner workings are largely kept out of the public sphere. Sometimes, however, a few moves are publicized – specifically, when foreign personnel become part of the staff. This was the case for Scott Kalb, the first foreign investment professional to become CIO and Deputy CEO of the Korean Sovereign Wealth Fund. He recently spoke about the move and how SWFs approach alternative investments in an interview with Matthias Knab for Opalesque TV.

Kalb explains that when it comes to alternatives, SWFs are investing as a limited partner (LP) in a limited partner/general partner structure (GP) which requires more discipline and due diligence than investing in public markets. "It usually takes three to six months to select a manager, so it is a long process. You have to make sure that you get to see them on the ground and you have to do a thorough evaluation," he says.

Kalb focuses on large, well-established firms, "I think some people believe that small or more nimble managers can get you better returns, but I think that in the alternative space, it is not just about returns. Returns are a requirement, that is what gets you in the game, but besides that, a lot of what you need to see has to do with the quality of the platform, the people, th......................

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