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On January 12, 2009, we wrote that Krom Rive would re-open the Krom River System (up 12%+ up to Nov-08). The re-opening fund is actually the Krom River Commodity Fund.
Philip Turner, partner at Krom River Investment Management (Cayman) Limited, informed investors in an email communication yesterday that one of Krom River’s funds was to be re-opened. Krom River is a commodity funds house that moved its offices from London to Zug, Switzerland, in 2008.
The Krom River Commodity Fund was up 36.61% to November 2008. In July last year, the managers decided to soft-close the fund. The reason for this was to attempt a soft landing at the capacity limit of $1bln.
Having grown at a rate of 25% a month since inception, plus the existing capacity agreements Krom River had in place, the managers thought it was prudent to soft close at around $700m and let the existing investors build their investment to Krom’s capacity.
As investors have had to navigate through some very difficult terrain over the last 6 months and for many good reasons have had to stop and in some cases reduce their inflows to the fund despite posting 36% returns with a max peak trough of 3.2% for the year. Krom River has had just over 12% redeemed from the fund since its peak of $820m in August.
Krom River has seen quite a marked increase in investor interest this month and has decided to re-open the fund to investors under the same terms.
See our past Opalesque Exclusiv...................... To view our full article Click here
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