Wed, Apr 16, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
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 ......................

To view our full article Click here

Banner
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: European stock-picking fund up 19% YTD, bets on small caps’ high cash level[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Here is a European long/short equity fund that has been beating the odds since its 2008 inception by employing its own investment model, frequent company visits

  2. CTAs could face new challenges in a rising rates environment[more]

    Bailey McCann, Opalesque New York: CTAs have taken a beating performance wise lately, and asset flows reports show that investors aren't sticking around to see how the movie ends. Now, a new white paper from Roy Niederhoffer and Coen Weddepohl notes that as interest rates start to tick back u

  3. Investing – Big hedge funds bought Puerto Rico's junk bonds, Fidelity explores new trading venue amid flash trade concerns, Crisis-era Greek bonds reward early buyers with big effective returns, Cargill unit discloses stake in Freddie preferred[more]

    Big hedge funds bought Puerto Rico's junk bonds From Reuters.com: Several large hedge funds doubled down on Puerto Rico in last month's giant bond sale despite the U.S. territory's financial struggles, the Wall Street Journal reported, citing confidential documents reviewed by the newspa

  4. Opalesque TV: First Trust Advisors launches liquid alternatives platform[more]

    Bailey McCann, Opalesque New York: First Trust Advisors is launching a new liquid alternatives platform aimed at building on the companies existing alternative ETFs offering by adding hedged mutual funds. Senior Portfolio Managers Rob Guttschow and John Gambla recently sat down in an

  5. Commodities – Popular value fund manager David Iben bets on Russia, gold,[more]

    From Reuters.com: With large bets on Russia and North American gold miners, one of the best performing stock pickers in the wake of the 2008 financial crisis is back with a new fund that reflects his deep aversion to following the crowd. In the Kopernik Global All-Cap Fund, David Iben is follo