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Opalesque – The Australian Fund Monitor (AFM) released last week its “March Absolute Return and Hedge Fund Review” report which showed that the strong rebound in equity markets both in Australia and overseas saw equity-based hedge funds managed in the region post not only their best returns this year, but for the past three years.
AFM took the results of all funds – including non-equity strategies such as Global Macro and Commodities, and including funds of funds, and found that all had posted the best result in March since the start of the Global Financial Crisis in 2007.
With the ASX posting an impressive rebound in March of over 7%, which continued in April, equity-based hedge funds (with 85% of funds results reported) returned 3.18%. Over the past 12 months, equity-based hedge funds returned a negative 13.20%, against the ASX 200 which lost 33.11% and the S&P500 which fell 39.68%.
West Palm Beach (HedgeCo.net) – Goldman Sachs Asset Management announced today that it has raised its fifth dedicated private equity secondaries fund, GS Vintage Fund V, with approximately $5.5 billion in capital commitments.
GS Vintage Fund V will focus primarily on acquiring portfolios of private equity assets, including limited partnership interests in private equity funds, as well as providing unique liquidity and capital solutions to both limited partners and general partners around the world.
The GS Vintage Funds evaluate opportunities ranging from $1 million to over $1 billion in size, across all private equity strategies and geographies. As one of the largest investors in the secondary market for private equity, the GS Vintage Funds draw on Goldman Sachs’ global sourcing network, due diligence capabilities, risk management expertise, and extensive private equity relationships.
GS Vintage Fund V is the latest fund raised by the Alternative Investments & Manager Selection (AIMS) Group of Goldman Sachs Asset Management. With more than 200 professionals worldwide, the AIMS Group provides investors diversified and customized portfolio solutions, across traditional long-only managers, hedge funds, and private equity funds around the world. To date, the private equity strategies of the AIMS Group represent more than $32 billion of capital commitments across private equity fund-of-funds, secondary market funds and co-investment vehicles.
Goldman Sachs Asset Management is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which manages $779 billion as of November 28, 2008. Goldman Sachs Asset Management has been providing discretionary investment advisory services since 1989 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global financial services firm providing investment banking, securities and investment management services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.
West Palm Beach (HedgeCo.net) -A new Asia Macro hedge fund has been launched by Dexion Capital and Morgan Stanley veterans Andrew Gale and Lee Ka Sha.
With a minimum investment is $100,000, the fund will invest in Asian interest rates and currencies, opening trading on May 1, according to HedgeWeek.
Lee will play the role of CEO, with Gale as chief executive. Gale most recently was responsible for product development and fundraising for Dexion Capital’s London-listed closed-ended funds of hedge funds and third-party funds. Lee was a founding member of Abax Global Capital in Hong Kong, where he managed both the South Asia special situations portfolio and macro positioning.
“In the course of these discussions it has become apparent that most investors look to their macro investments to be a diversifier providing a different source of returns than the inherent beta in credit and equity strategies,” Gale said, "the fund launch was based on investor demand."
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Seeking Alpha – Jana was recently ranked 79th in Alpha’s Hedge Fund Rankings. Jana was founded in 2001 and typically employs activist, market neutral, and long/short equity strategies in public equity markets. Rosenstein received his B.S. from Lehigh University and his MBA from the Wharton School of Business at the University of Pennsylvania. Jana has returned 20.9% each year annualized from 2001 until 2007. Rosenstein sees Jana’s future in a strategy that uses management adjustments to force change at companies, which in turn can send shares higher.
A few months back in our hedge fund performance numbers update, we noted that Jana’s piranha fund was -19.2% for October and was -21.7% for the year at that time. Additionally, their Nirvana fund fell 13.2% in October and was down 21.9% ytd at that time. Lastly, the Jana Partners fund had a much better October than its other funds, being down 6.6% for that month, but was still down 20.4% for the year at that time. As you can see, a big chunk of its losses came solely from the month of October.
