New York (HedgeCo.Net) – California-based hedge fund manager, Convergence Capital Management Group LLC., is opening its absolute return diversified multi-strategy fund, Convergence Capital Partners Fund I LP. to qualified investors.
The Fund was launched in May 2013 and has since returned 20.8% gross in fees. Richard Hawkins, CAIA, and Alexander Olson are the managers of the Fund.
“The Fund is designed for the preservation of capital and will offer investors the advantage of an uncorrelated, stable return stream.” Richard Hawkins, co?founder and fund manager, said. By focusing on the options market, the fund offers investors access to a unique asset class. We feel the fund will appeal to both institutional and individual investors alike, and should be a core holding to further diversify their portfolios.”
The Fund targets a 12% net return annually to investors regardless of general stock market movements. The Fund takes advantage of structural inefficiencies and behavioral mispricings in the stock and stock option markets.
The Fund offers “Founder’s Class A” and “Founder’s Class B” shares, allowing early investors the chance to allocate opportunistically for better terms. The Founder’s class shares require a minimum investment of $100,000 and $500,000, respectively. Convergence will close these shares on December 31, 2014.
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