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From Benedicte Gravrand, Geneva: Rodrigo Fiães, based at the Rio offices of Gávea DTVM told Opalesque about the impending launch of Gávea’s new fund of funds, the Gávea Brazilian Managers Fund Ltd (GBMF). The date is set for 1st January 2008.

GBMF will invest in hedge funds with various investment strategies across asset classes focused on the Brazilian market and managed by Brazilian managers. Allocations will be given to 8 to 12 managers and there will be an important exposure to Gávea’s own Brazil-dedicated fund. The fund will seek to deliver risk-adjusted returns over the long term in all business cycles. The research process will involve an outside, experienced investment program team and give a strong emphasis on continuous qualitative monitoring. The pro-forma analysis since January 2005 shows an annualised return of 15.13% net.

The fund is to be domiciled in the Caymans. Whilst there will be the usual 1.5% management fee, no such fees will apply to investments in funds managed by Gávea. And rebates obtained from other underlying funds will be returned to the fund. The fund will not charge any incentive fee but will require a 12-month lock-up.

About Gávea: Gávea Investimentos is an investment management company that manages around US$5.5bln. It was founded in 2003 by Arminio Fraga Neto, formerly governor of the Central Bank of Brazil. Gávea manages hedge funds (half of AUM), wealth......................

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