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By Benedicte Gravrand, Opalesque London: A roundup of last week’s hedge fund launches, closures, index performance, trends, regulatory, legal and financial events pertaining to the alternative investments world.

Last week, we heard of fund launches or possible launches from HSBC (FoHFs and Ucits); Gyldmark Liquid Macro Fund; Opvs (or Opus – 2 Asia funds); Sparx (global macro); Pentium (high-end items); Liontrust (European value); Harcourt (recovery FoHFs); M&G (UK mid-caps); Patrick Degorce; Evolvence (credit); Tahan (Asian credit); and Viathon (credit).

Among start-ups, new Guernsey metals fund house Altus Resource raised £26m at a listing on the LSE; Connecticut-based 5:15 Capital (named after the favourite Who song) launched with about $60m; veteran fund manager Brian Singer launched a new firm with $1bn and the resolve to charge a 1% management fee (Brummer did the same with its new Asia fund).

Australia’s Basis Capital returned cash for fourth time and closed its Pac-Rim Opportunity Fund; FoHFs house Thames River Capital is winding up its L/S emerging markets fund Hillside Apex; BlueCrest shut its ABL fund (it was also revealed that Belgian bank KBC had terminated a $219m leverage facility it provided to BlueCrest).

The Credit Suisse/Tremont Hedge Fund Index announced a return of 4.06% for the month of May and 6.72% YTD – although the S&P 500 (5.59% and 2.96% YTD), and the MSCI World (8.62% and 5.41% YTD) did better that month. Merrill Lynch analysts projected that hedge funds would deliver returns of 6% or more in the Q2-09, their best quarterly performance since 2000.

Private equity buyer Coller Ca......................

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