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Iran war-driven volatility delivered the worst hedge fund drawdown since 2022, reshaping positioning across every major strategy even as a handful of managers capitalised on the dislocation. Capital rotated sharply into safety assets and energy, private credit faced fresh redemption pressure, and an emerging royalty asset class quietly offers investors something rare: genuine uncorrelation.
Opalesque Exclusives
EXCLUSIVE The Quiet Alpha Revolution: How Althera42's Tech Royalties Reshape Alternatives
In one of the week's most distinctive manager profiles, Opalesque spoke exclusively with Dr. Christian Czernich, Founder and Managing Partner of Althera42, a London-based alternative investment platform applying royalty investing to European technology IP. The firm's thesis is that royalty finance - well-established in pharmaceuticals, metals, mining and music - has not yet been deployed at scale in European tech despite the sector representing over EUR 1 trillion in annual recurring revenues growing at 12-15% per year.
Czernich, a spin-off from Round2 Capital where he pioneered revenue-based finance across nine European countries, describes three structural barriers that keep competition low: banks cannot use royalties within their regulatory frameworks; most credit funds ...................... To view our full article Click here
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