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From Kirsten Bischoff, New York: It seems that whenever there is market turmoil the media chatter turns its attention to hedge funds as various specialists try to analyze the industry and (invariably) predict its demise. However, one could argue that imitation is the sincerest form of flattery and the increase in private equity funds taking on hedge fund traits to create hybrid vehicles actually is evidence that the hedge fund industry is not about to disappear at all.

One such hybrid vehicle is Center Stage Fund LLC, currently in the process of raising $10m to be invested in the development and production of plays and musicals. Joan Stein is the portfolio manager for Center Stage and a Tony award winning producer (which, translating from Broadway to Wall Street means roughly the equivalent of being a quant with a PhD from CalTech). Ms. Stein’s experience extends from Broadway where she produced Side Man, The Elephant Man, Picasso at the Lapin Agile, and Hedwig and the Angry Inch to Hollywood where she was Steve Martin’s development partner and produced shows for both film and television. We recently spoke to Ms. Stein about her strategy for this fund.

Mimicked characteristics “The purpose of Center Stage is to invest in a diverse portfolio of plays and musicals in order to minimize the risk of investing in the theater, and to maximize potential financial profits,” she said. Amongst the shows that Cen......................

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