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West Palm Beach (HedgeCo.net) - US-based Stream Asset Management announced the launch of a credit dislocation fund and a multi-strategy credit hedge fund, the company said in a press statement.
The move is part of Gulf Stream’s aggressive expansion strategy to capitalise on current market opportunities. To further support the firm’s growth, Gulf Stream has also opened a New York City office, the statement added.
Earlier this year, Istithmar World Capital, the private equity and alternative investment arm of Istithmar World, acquired a majority stake in Gulf Stream. Gulf Stream Asset Management is majority owned by Istithmar World Capital.
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New York (HedgeCo.Net) – At a time when many hedge funds are experiencing their worst year to date, private equity firm The Carlyle Group is launching a new fund with around $14 billion in capital.
According to a report by Reuters, the Washington D.C. – based company launched the U.S. buyout fund in the spring of 2007, and has a target goal of $15 billion.
The current economic conditions make it extremely difficult to raise capital, as fear and unfavorable market conditions prompt investors to rush for withdraws from many large hedge funds. According to the Chicago-based Hedge Fund Research, hedge funds are down about 15.5 percent on the year.
The Carlyle Group is one of the country’s largest private equity firms, with almost $90 billion under management. They recently decided to shut down its Asia leveraged finance group “in light of the current global turmoil and the serious dislocation of the credit capital markets.”
The new fund will be added to Carlyle’s already vast portfolio of investment vehicles. According to the company website, Carlyle manages 55 different funds specializing in buyout, growth capital, real estate and leveraged finance.
Julie Scuderi Senior Editor for HedgeCo.Net Email: julie@hedgeco.net
New York (HedgeCo.Net) – David Ko, a former quantum physicist and Long-Term Capital Management employee, has set up his own hedge fund according to a report by the Wall Street Journal.
Kurtosis Capital Partners will employ a global macro strategy and hopes to attract between $100 million and $250 million initially. Ko has partnered with Stephen Cain, once the global head of currency trading at Deutsche Asset Management.
"Our strategy is to buy options when we think a market is going to become volatile. The closer to the dislocation, the better. Then, at the moment of highest volatility, sell," he said.
Global macro funds generally look for tiny discrepancies in the market using complex equations and mathematical solutions. They then capitalize on those discrepancies by betting on which way they will eventually regulate.
Ko stresses that the fund won’t be using leverage, unlike Long-Term Capital Management, which used heavy amounts of leverage that only magnified the huge losses it suffered. LTCM infamously ended up losing close to $5 billion of investor’s money.
Prior to his hedge fund career, Ko helped to author 10 academic papers on quantum physics while studying at Oxford University.
Julie Scuderi Senior Editor for HedgeCo.Net Email: julie@hedgeco.net
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