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Alternative Market Briefing

Pine Grove launches Alternative Institutional Fund

Thursday, January 23, 2014

Bailey McCann, Opalesque New York:

Pine Grove Asset Management LLC (PGAM) has launched the Pine Grove Alternative Institutional Fund, the fund is its first closed-end '40 act fund. The new offering will provide accredited investors with streamlined access to relative value and event driven hedge fund strategies with a core focus on credit investing. The launch is a notable addition to the '40 act space as unlike many others, the fund offers quarterly liquidity and an undiluted strategy.

In bringing the new product to market, PGAM took deliberate steps to convert a private, unregistered fund into a registered '40 Act fund format. The original, private fund was incepted in the 1990s and only available to qualified purchasers.

"We are investing in the same underlying managers and the same flagship funds as we did for the private fund. Open-ended funds in this space, are most likely allocating to separate accounts to offer daily liquidity. Keeping our investments the same allows us to continue to provide the appropriate assets and liabilities match, and also accounts for our quarterly liquidity profile," says Matthew Stadtmauer, PGAM President, in an interview with Opalesque.

The new product will benefit from the 16-year history of the underlying managers and funds from the private fund. The fund invests in hedge funds that employ a variety of investment strategies, including distressed credit investing, hedged credit, convertible arbitrage and long/short ......................

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