The last years were clearly dominated by illiquid strategies in Germany and elsewhere. Private equity, infrastructure, private debt saw unprecedented demand. However, 2018 has also become the "Year of Hedge Funds", says Prime Capital, a $10bn award winning alternative investment manager active in hedge funds, infrastructure equity and private debt.
Looking by investor type, the appetite among institutional investors is clearly divided. Because of regulatory restrictions, insurance companies in Germany are predominantly not investing in hedge funds while pensions, private banks and family offices are increasing their allocation.
But, among the many investors moving slowly and now for the first time into alternative investments, there is still some hesitation regarding hedge funds. The main challenge with hedge funds is still education. Equity long/short is quite easy to understand for most people, but when it comes to more niche and complex hedge fund strategies, then people start to get a little bit uncomfortable because they don't really understand them. Often these are the interesting strategies.
Some investors tend to have a strong preference towards liquidity in the hedge fund space - maybe because of a bad experience in 2008 - even if they don't need liquidity. However, liquidity is the wrong starting point; rather, the manager and the investment strategy have to be examined first, because those are the most important aspects to agree on or have a conviction in, before then looking at the appropriate vehicles and liquidity terms.
While there may be real regulatory constraints for some, other investors could be "psychologically constrained" or something else. Investors who start a discussion with, "Listen, I need weekly liquidity, or I need monthly liquidity..." - that may be driving them in the wrong direction. Liquidity or less liquidity doesn't make an investment better or worse, it's more the manager and the investment process where the discussion should be focused on.
The Opalesque 2018 Germany Roundtable, sponsored by Eurex, took place in Frankfurt with:
- Dr. Thomas Maier, Feri
- Paul Beck, Eurex
- David Finkenstädt, Postera Capital
- Andreas Kalusche, Prime Capital
- Valentin Bohlaender, HQ Trust
- Frank Dornseifer, BAI
The group also discussed:
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