Fri, Sep 30, 2016
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

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. Hedge funds recover from losses as central banks give markets a respite[more]

    Komfie Manalo, Opalesque Asia: The Lyxor Hedge Fund index was up 0.4% from the week ending September 20 (-2.4% YTD), supported by the willingness of central banks to remain accommodative, Lyxor Asset Management said in its weekly briefing. It ad

  2. Perry Capital closing flagship fund after almost three decades[more]

    From Blooomberg.com: Richard Perry, one of the biggest names in hedge funds, is calling it quits after 28 years. Perry, 61, is winding down his New York-based flagship fund as the industry confronts one of the most tumultuous periods in its history. In a letter to investors Monday, he said his style

  3. Eden Rock buys Gottex stake in ERG Asset Management[more]

    Matthias Knab, Opalesque: Eden Rock Group announced the purchase of Gottex’s stake in ERG Asset Management and so the firm is now wholly owned by Eden Rock. The two firms established the joint venture in 2011 to focus on providing cost effective solutions to funds holding illiquid investments, as

  4. "Hedge fund industry needs to shrink"[more]

    Komfie Manalo, Opalesque Asia: Writing for CNBC, Josh Brown, creator of The Reformed Broker blog and financial advisor for Ritholtz We

  5. Strategy - Voyager Management wants to invest in smaller hedge funds[more]

    From Valuewalk.com: Voyager Management, a $475 million fund of funds, is looking to downsize the hedge fund’s in which they invest, looking for smaller funds with assets under management that enable the fund to be nimble. The fund is looking for noncorrelation and will consider long / short equity