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Alternative Market Briefing

Mining billionaire Nicky Oppenheimer backs new South African hedge fund

Tuesday, October 18, 2016

Komfie Manalo, Opalesque Asia for New Managers:

Former Capricorn Capital Group fund managers Andrew Crawford and Stephen Carew were given a major boost after South African diamond mining billionaire Nicky Oppenheimer threw his backing to their startup hedge fund firm Senqu Capital Pty Ltd.

Bloomberg reported that Oppenheimer, through his family’s private equity firm Stockdale Street Ltd., plans to invest $7m into Crawford and Carew’s partnership. The Oppenheimer family is being credited for transforming De Beers into the largest diamond producer in the world and has also founded Anglo American Plc in 1917.

Paul Salomon, a partner at Stockdale told Bloomberg, "We’re backing some really good talent here in Stephen and Andrew and we like the hedge fund model because it can play through the economic cycles in a positive way for investors. We expect there to be a lot of capital coming into hedge funds because of the regulatory changes."

Crawford, chief executive officer at Senqu, said that he and the other managers of the firm would also invest their own money into their hedge fund. He said. "We both have backgrounds in equities and wanted to run our own fund. Regulation changes for hedge funds in South Africa were a catalyst for starting one."

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