LONDON (Reuters) – Thames River Multi Hedge fund plans to raise up to 100 million pounds innew assets, its second fundraising in a matter of months, because of investor demand for absolute return products.
The 154 million pound fund of hedge funds (TRMU.L: Quote, Profile, Research), which in July raised 73 million pounds of new assets, plans to raise further funds via an issue of new shares, it said in a note to the Stock Exchange on Wednesday.
The fund will target 50 million pounds in new assets, with an upper limit of 100 million pounds, Michael Warren, Investment Director at fund manager Thames River Capital, told Reuters.
“We’ve had a lot of clients asking for us to do it … There is an appetite for absolute returns,” he said.
The fundraising comes during a turbulent time for the hedge fund industry, which has seen some funds suffer badly during this summer’s credit and equity market volatility, while a small number have been able to profit.
Thames River Multi Hedge’s net asset value has risen 11 percent over the past six months and its shares are on a 4 percent premium to NAV.
