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Alternative Market Briefing

Dan Loeb to launch Greek-focused hedge fund

Thursday, April 11, 2013

From Precy Dumlao, Opalesque Asia – Activist hedge fund manager Dan Loeb is launching a new hedge fund focused on buying Greek assets on the assumption that the European Union will bailout the troubled economy.

In a report by Businessweek, Loeb’s new Third Point Hellenic Recovery Fund will be banking on the same strategy over last year’s Greek rescue by the EU which drove Third Point’s profits in 2012.

It described the new fund as an "event-driven corporate situations" fund and added that Third Point would invest less than 1.5%of the assets in its existing hedge funds in the new pool and would raise additional money from institutional investors.

According to Loeb’s letter to investors, its Greek fund would use a so-called drawdown structure and would release capital as investment opportunities arise.

In its shareholder letter last February, Third Point reported that its assets rose nearly $400m in one month to a record $11.6bn. The flagship third point hedge fund has AUM of $5,686bn, another record for the event/driven value oriented hedge fund. The hedge fund was up 1.2% in February bringing total returns for 2013 to 6%, reported ValueWalk.com.

The hedge fund has a CAGR return of 17.8% compared to the S&P 500 of 6......................

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