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New Managers June 2017

PERSPECTIVES: News, views and findings relevant to the emerging hedge fund community

 

Goldman starts covering bitcoin following hedge funds' demands

It's official: not only has bitcoin officially made its way to Wall Street, but confirming rumors that emerged over the weekend, "hedge" funds - starved of volatility in virtually all other asset classes - are now not only actively trading the volatile digital currency, but as clients of the vampire squid, have petitioned Goldman's chief technician, Sheba Jafari to start covering it, reported ZeroHedge on June 12.

In the report that Goldman released this afternoon, Jafaru concludes that "the balance of signals are looking broadly heavy" with the following view: "wary of a near-term top ahead of 3,134. Consider re-establishing bullish exposure between 2,330 and no lower than 1,915." In other words, Goldman is bearish. Which probably means that bitcoin is set to make new all time highs shortly.

Real estate fundraising currently challenging for emerging managers

According to research house Preqin, emerging managers of private real estate funds have found the fundraising environment to be increasingly challenging in recent years. This is mainly because investors are demanding longer track records and experience.

Indeed, In the real estate fundraising market, fundraising has not yet returned to the pre-2007 levels, a year when 162 funds garnered $30bn, and has steadily declined since 2012.

Emerging managers, defined as first or second-time fund managers, have declined in prominence. According to Preqin, in 2011 they made up nearly half of all funds closed and 41% of all capital raised; in 2016 they accounted for 27% of funds closed and just 10% of capital raised...(full artic......................

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This article was published in Opalesque's New Managers a top-down monthly analysis, news and research publication on the global emerging manager space.
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