Thu, Sep 23, 2021
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Five Star Funds launches $400m hedge fund targeting Las Vegas wealthy

Monday, December 09, 2019

Laxman Pai, Opalesque Asia:

Las Vegas-based asset management and advisory firm Five Star Funds has announced the formation of the Flamingo All Weather Fund, LP, the first hedge fund of its kind to be based in the City of Las Vegas.

The area has enjoyed sustained periods of significant economic growth, transforming the city from a boom-and-bust town dependent on discretionary spending at casinos to a business-friendly metropolis fostering growth in diversifying sectors.

"The floodgates opened when the recent tax changes went through," Derek Davis, Partner at Five Star Funds, said. "Since the limiting of the SALT deduction, we've seen an unprecedented amount of wealth flee California and settle here in Las Vegas. The quality of life per dollar out here is truly unbeatable."

Despite the surge in wealth to the area, there are still relatively few options in choosing a hedge fund manager with a local presence, he added.

"We'd like to think of the Flamingo All Weather Fund as the first institutional-quality investment strategy and management team to be based in the area," Davis said.

The fund is multi-strategy and built with the "late innings" of the economic cycle in mind, targeting high, stable returns through all market gyrations, the firm said in a press note.

Artificial intelligence is combined with fundamental analysis to optimize allocations and trading strategies, while minimizing correlation to traditional market risk.

In operation, the Fund......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. PE/VC: Private equity GPs, LPs alike working on diversity and inclusion, Chinese regulator vows to crack down on private equity, venture capital funds, The VC playbook for portfolio companies: learning from the Covid-19 crisis[more]

    Private equity GPs, LPs alike working on diversity and inclusion From PIonline.com: Private equity general partners and limited partners are doing more to increase diversity in private markets, according to a report released Tuesday by the Institutional Limited Partners Association.

  2. PE/VC: Private equity continues to lead fund closings, Venture capital firms are fighting to throw money at cleantech[more]

    Private equity continues to lead fund closings From PIonline.com: Among private fund closings, private equity funds have led the pack starting in 2011, based on data collected by Pensions & Investments. During those years, private equity's share has ranged from 56% to 72% of the total

  3. PE/VC: Climate tech is hot, but VCs can't forget about water, Five top trusts to tap into the private equity boom[more]

    Climate tech is hot, but VCs can't forget about water From Crunch Base: "It is unequivocal that human influence has warmed the atmosphere, oceans, and land." These fiery words come from the latest landmark U.N. report detailing intensifying, universal climate change impacts. They cover

  4. New Launches: H.I.G. closes first European buyout fund at $2.4bn, Cheyne Capital raises another $1.18bn credit fund to invest in struggling European companies, Falfurrias Capital Partners raises $850m in oversubscribed fund, Alan Howard-backed 10T raises $750m for debut crypto fund, Crayhill Capital strikes $820m hard cap close for second credit-focused fundraise, Edmond de Rothschild's Eres IV eyes second close in H1 2022, Revaia closes Europe's largest female-founded VC fund, Octopus unveils UK Future Generations sustainable fund, TrueBridge Capital Partners closes seed & micro-VC fund I, at $170m, Federated Hermes launches low-carbon bond fund with Swedish partner[more]

    H.I.G. closes first European buyout fund at $2.4bn From PIonline.com: H.I.G. Capital closed its first European middle-market buyout fund, the H.I.G. Europe Middle Market LBO Fund, at €2 billion ($2.4 billion), a news release shows. The fund targets middle-market companies prim

  5. U.S.: Peter Thiel gamed Silicon Valley, Donald Trump, and democracy to make billions, tax-free[more]

    From Bloomberg: The meeting started with a thank-you. President-elect Donald Trump was planted at a long table on the 25th floor of his Manhattan tower. Trump sat dead center, per custom, and, also per custom, looked deeply satisfied with himself. He was joined by his usual coterie of lackeys