Corporate governance rests on three pillars
47 Degrees North Capital Management is a specialist alternative
investment firm, and a pioneer in early-stage hedge fund investing. It was
selected as one of three successful candidates out of 97 applicants to
manage the emerging hedge fund managers program at CalPERS.
47N is a leading proponent of corporate governance in the hedge fund
industry; so the objective of this series of articles is to discuss and inform
on current corporate governance issues.
When we were asked by Opalesque to write
a monthly column on the subject of emerging
managers - or early-stage as we like to call them
as some listeners tend to think emerging market
managers - we quickly turned to the connection
between early-stage managers and corporate
governance. Of course, corporate governance
is not specific only to young managers but it's
true that, as investors, we have the most say
on corporate governance matters early on in a
First of all, let's be clear about whom we are talking; early-stage managers
are typically those with less than a 3-year track record and under $500m
in assets under management - although the definition may change under
different circumstances. However, more important than a definition of track
record and AuM is a manager's corporate culture and the ethos of their
organization. This tends to define their attitude toward providing corporate
governance protection f......................
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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.