Ex-NYC pension CIO starts seeding platform for minority-led hedge funds

Seema Hingorani is seeking $500m to help women- and minority-led hedge funds get off the ground. She is targeting the money to seed five to seven new hedge funds, people with knowledge of the matter told Bloomberg.

She formed SevenStep Capital in April to house the effort, which is a joint venture with asset manager Permanens Capital.

R. Hingorani is currently the founder and chief investment officer of SevenStep Capital. She is also a senior advisor to Crestview Partners. She served in 2013 and 2014 as CIO for the New York City Retirement Systems, which had assets of $160bn. Protégé to start investing in AI funds

Jeff Tarrant, the founder of Protégé Partners, says that the model of hedge funds charging "2 and 20" - a 2 per cent management fee and 20 per cent performance fee - for investing in large-cap stocks rising and falling "doesn't work any more" and is ripe for disruption, The Financial Times. He pointed to the overhaul of other industries in the past decade at the hands of engineers and scientists.

"Jeff Bezos picked off the bookstore business. Apple totally picked off the music business and Netflix totally changed television. Now [machine learning] is going to pick off the hedge funds."

To back up that theory, he is launching a business that will invest so......................

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This article was published in Opalesque's New Managers a top-down monthly analysis, news and research publication on the global emerging manager space.