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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 28

Saturday, July 16, 2011

Last week saw several launches led by GLG which launched a UCITS version of its European long-short equity hedge fund, the GLG European Equity Alternative (long-short equity). We also learned of launches from Nomura proprietary trader Benjamin Fuchs ($400m hedge fund), French asset manager Tikehau Investment Management (3 funds), Altegris (macro fund), and CalPERS will launch a vehicle focused on domestic emerging managers. We also heard that Lyxor Asset Management is considering the launch of a pure Asian quantitative fund.

RAB Capital will set to de-list after agreeing to buyout terms. And, the only closures we heard about last week were due to funds seeing higher asset inflows. Dalton Strategic Partnership has hard closed its $600m European Absolute Return Fund, and Raging Capital will close to new investors until 2012 after returning 28.3% YTD in 2011.

Hedge funds assets were down in June due to concerns about European debt woes, commodities, and the U.S. dollar. Even though hedge funds grabbed over $8bn in asset inflows in May (heavily favoring commodities), reported that in June redemptions saw an uptick.

Merrion European Absolute Return Fund’s assets were up 65% one year after inception. Abrams Capital Management has raised $2.37bn in limited partnership interests for its hedge fund, Abrams Capital Partners II LP. Castle Alternative Invest initiated a share buyback program. Performance for the first half of 2011 are beginning to roll in and Swiss fund of hedge funds ALTIN is ......................

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