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Blackstone-Backed Senrigan Hedge Fund Said to Lose 15% in 1H

Bloomberg: Senrigan Capital Group Ltd., an Asia-focused event-driven fund backed by Blackstone Group LP (BX), lost almost 15 percent in the first six months of this year, according to a performance estimate sent to investors.

Senrigan Master Fund’s net-asset value fell 6.7 percent in June, according to the update earlier this month that didn’t give a reason for the decline, and which was obtained by Bloomberg News. Its assets dropped to about $754 million at the end of June, according to the document, after topping $1 billion at the start of the year.

The European debt crisis and worries about a global economic slowdown have shaken stock markets globally and prompted companies to delay big acquisitions. The value of announced mergers and acquisitions involving an Asia-Pacific region company totaled $303.4 billion in the first six months, 16 percent less than a year earlier and the lowest since the first half of 2010, according to data compiled by Bloomberg.

Event-driven funds invest in securities whose prices are affected by corporate actions such as mergers and reorganizations. They require a meaningful mispricing, with a clear catalyst, in a size appropriate to the fund, said Peter Douglas, principal of Singapore-based GFIA Pte., which advises investors seeking to allocate money to hedge funds.

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