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Opalesque Roundup: Ex-Diamondback duo launches $1bn long-short hedge fund: hedge fund news, week 36

Saturday, September 21, 2019

In the week ending September 20th 2019, Larry Sapanski and Richard Schimel started a new hedge fund with $1 billion in commitments seven years after shutting their old firm, Diamondback Capital Management. Their newly formed long/short equity manager Cinctive Capital Management has already received its first seed investment from Texas Employees Retirement System, Austin, and strategic partner PAAMCO Prisma. Mr. Schimel and Mr. Sapanski are joined by a deep management team, many of whom they worked with in the past.

Hedge fund investors are looking to the asset class to offer asset protection as they anticipate an equity market downturn. However, in July, hedge funds experienced a total of $8.1bn in net redemptions - the second straight months of outflows on account of no-deal Brexit and Eurozone contraction, despite U.S. fund gains from June's equity markets rally.

In other new launches, U.S. private equity firm Advent International closed Advent Global Technology, the inaugural technology-focused companion fund to its Global Private Equity (GPE) program, at $2 billion; Private equity group AnaCap has raised €1bn of fresh capital to buy performing and non-performing loans in Europe as investors seek alternative ways to deploy their capital, people with direct knowledge of the transaction said; Data Collective (DCVC), a San Francisco-based venture capital firm, has raised $725 million for its fifth flagship "deep tech" fund, while ArcTern Ventures has annou......................

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