New York (HedgeCo.net) – Investcorp, the alternative asset manager, and Prosiris Capital Management, a New York based hedge fund manager led by former Goldman Sachs managing director Reza Ali, today announced that they have formed a strategic partnership that will provide Prosiris with support and stable growth capital while giving Investcorp and its investors access to a specialized credit oriented strategy.
“We are fortunate that as markets continue to recover we are finding opportunities to partner with talented investment teams with specialized skills and expertise such as Prosiris,” said Deepak Gurnani, Investcorp’s head of hedge funds and Chief Investment Officer. “Investcorp has a deep understanding of structured credit having first invested in structured credit in late 2006 in the short sub-prime strategy. The relationship with Prosiris allows us and our investors to capitalize on the opportunities in structured credit, a market where the barriers to entry are disproportionately high relative to an estimated $1 trillion market.”
Prosiris will become the latest investment advisor on Investcorp’s Single Manager Platform, which has a total of $1.6 billion in client and proprietary assets under management. Investcorp will provide Prosiris with an initial investment and will also provide marketing and operational risk management support and oversight. Investcorp generally provides an initial investment ranging from $50 million to $100 million in funds to be managed.
“Reza is one of the most experienced and proven managers in the complex credit and structured finance space,” said Nick Vamvakas, head of development for Investcorp’s single manager platform. “By our estimates, his team at Prosiris could manage a multi-billion dollar portfolio given their range of skills and the opportunity set in the market today.”
Prosiris will be a six person team at launch, but plans to make additions in the near-term. The investment team has worked together on average for more than seven years in past positions.
“We have found a rare partner in Investcorp, one with the wisdom and judgment of a hedge fund investor as well as a seeder,” said Prosiris’s Reza Ali. “Pairing their investment and operational risk management infrastructure with our expertise in credit and structured finance will create a bridge to institutional investors that is uncommon for an early stage investment fund.”
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