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In the week ending August 04th 2023, a Goldman Sachs report showed that global long/short hedge funds, those that bet stocks will fall or rise, were forced to unwind bearish bets that were dragging down performance in July. Long/short funds are on track to post the worst monthly so-called alpha performance since May 2022, which considers gains in excess to benchmark indexes. Losses were mainly on the short side of portfolios, but Goldman saw "a meaningful deterioration in long side" too. Meanwhile, the hedge fund industry was up 3.4% in H1 23 with performance being heavily weighted to the start of Q1 and the end of Q2. The best performing strategies of 2022 have underperformed significantly in H1 23 as strategies with higher beta to risk assets have led the performance. Equity l/s and long biased were the top performers in H1, delivering 6.1% and 4.0 % respectively. These were the worst performing strategies in 2022. In new launches, ex-Goldman MD sets up hedge fund, borrows some colleagues - Nader Awada now founded a hedge fund - Noventa Capital Management - in London; Glendower Capital, CVC's secondaries platform, has reached a hard close on its fifth global secondaries fund at $5.8 billion, and Canadian secondaries firm Whitehorse Liquidity Partners collected $5.3 billion for Whitehorse Liquidity Partners V and related vehicles, exceeding a $5 billion goal. Meanwhile, West Palm Beach, Florida-based Comvest Partners' direct lending platform has closed its latest fund on $2 billion; New York-based Bansk Group has closed its debut fund ...................... To view our full article Click here |
Alternative Market Briefing Weekly
Saturday, August 05, 2023
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