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Alternative Market Briefing

Q&A with PHF Capital's Peter Fletcher

Friday, February 09, 2018

Bailey McCann, Opalesque New York:

Peter Fletcher is a veteran of alternative investing. After decades of managing money, seeding hedge funds and being 100% in alternatives, now he's working with other family offices to help them manage their legacies and identify new opportunities. Below is a brief Q&A with Fletcher from the Cayman Alternative Investment Summit (CAIS).

Opalesque: You are well known as a hedge fund investor and seeder. But you haven't been as positive on hedge funds lately, where do you see the industry headed?

PF: Hedge funds aren't an industry to me. I remember when it used to be a handful of people meeting up and working on ideas. The number of hedge funds has grown, surely, but they aren't as fun anymore. The alignment of interest with investors isn't there. No one had a problem paying 2/20 when the returns were there, but 2/20 for 7 percent is too much. I'm looking at alternatives to alternatives now. Globally, for example, family offices are doing more direct equity transactions among themselves, which I think is interesting.

Opalesque: As a consultant to family offices what are you working with them on? What are the key issues families are dealing with today?

PF: The biggest issue families face is transition and wealth preservation between generations. Families have a hard time moving from one generation to the next. That's why you see so many of them go to the third generation......................

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