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West Palm Beach (HedgeCo.net) – Viathon Capital, LP has announced the launch of a new credit focused opportunity fund, the Whitewater Master Fund, LP, as of May 1, 2009. The launch has affiliated with Citigroup Alternative Investments LLC (CAI) as seed investor in this new fund.
The fund employs a fundamental, credit-intensive research process in order to identify long and short investment opportunities in both US and European markets.
"We have a multi-million dollar, best-in-class trading and risk management system that allows us to manage portfolio risk on a real time basis and seamlessly integrate with our prime brokers and independent administrator." Bob Becker and Rob Comizio, managing partners said, "In addition, we have the relationships, infrastructure and investment process in place to effectively execute our investment strategy."
"As managers of the Whitewater Master Fund, we are keenly aware of the current changes and challenges in our industry. As a result, we have instituted a number of key policies and initiatives specifically designed to service the needs of sophisticated investors in this new environment." they said.
The performance estimate for Whitewater Master Fund for the month of May 2009 was approximately +1%. Viathon Capital, LP has 60 years of combined market experience including four investment professionals and two trade support/back office personnel to manage the new fund.
Alex Akesson
Editor for HedgeCo.Net Email: alex@hedgeco.net
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Alibaba News Channel – Investors generally put aside recent worries about the world economy and banking industry woes on Thursday, sending global stocks higher and reversing safety flows into the Japanese yen.
Mixed earnings plagued European markets, however, with Credit Suisse posting better-than-expected profits and engineering group ABB missing forecasts and giving a cautious outlook.
Euro zone purchasing managers provided the latest "green shoots" data to suggest some economic recovery. They signalled stabilisation in their sectors but also record job losses.
West Palm Beach (HedgeCo.net) – After being awarded $2.5 billion in allocation for investment in private equity, hedge fund manager Finvest Asset Management, announced the launch of a private equity initiative. Finvest is also separately dedicating $300 million to a fund of funds.
The $2.5 billion capital allocation to Finvest is being made by a European family office seeking to increase its exposure in the private equity space.
Targeting companies which are listed on the main boards in Northern American and European markets, the fund will seek to allocate capital to between 25 and 100 companies, with each allocation ranging in a value of between $10 million and $250 million.
The new fund’s time horizon will be between 3-5 years, although liquidity will be an important criterion assessing risk. Companies below a $200 million market capitalization will not be discounted, however, the fund will be favorably disposed towards companies with higher market capitalization levels, and which exhibit a high percentage of outstanding shares. The model which is being applied by Finvest is slightly different to the typical private equity structure, which generally would consider stakes in private companies which are not listed and perhaps seek to extract value through an IPO.
The team at the Finvest Private Equity fund indicated that their due diligence turn around period is quite aggressive. "While we are not looking to cut corners on due diligence, we are looking to fast track the allocation process, so that we can take advantage of a market which has been beaten to shreds," said Finvest portfolio strategist Mayer Greenwald.
"We do not have an agenda to take control or necessarily secure a controlling interest in the firm. We typically would base an interest in a company on the fact that management know what they are doing, and understand their area of endeavor better than others. Our philosophy is to provide company management with additional capital, and give them the opportunity to continue running with the ball. Obviously, we appreciate regular feedback on progress or challenges which are being faced in the industry," Greenwald concluded.
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