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Benedicte Gravrand, Geneva: Why should you invest in a FoHFs? What are the recent developments in the FoHFs space? What makes a fund of hedge funds successful? These topics are explored in our Monday series on funds of hedge funds.

Steve Gross, co-portfolio manager and Jaime Shechter, director at New York-based Penso Capital Markets talked to Opalesque about Penso’s progressive approach in FoHFs investing.

About Penso: two hats, derivatives advisory business and FoHFs Penso Capital Markets, LLC is an alternative investment and advisory boutique focused on identifying and accessing the best hedge fund managers and extraordinary investment opportunities. Penso has developed a network of advisory relationships and joint ventures with local experts across markets and strategies to identify top hedge fund managers. Penso focuses its hedge fund investments in established, often difficult to access funds, which use liquid instruments and require minimal leverage in their investment strategy. For direct investment, the firm seeks high conviction, asymmetrical risk/reward opportunities across global capital markets.

“We are in two businesses at the same time,” Mr. Gross said. “We look for the best people and the best ideas. We compartmentalise that into two separate categories. One is investing in the best hedge fund managers that we can find. Investing in the best ideas is our special situations business in w......................

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