Signet Capital Management is to list a closed-end company on the London Stock Exchange next month that will make investments with fixed-income hedge fund managers, an executive of the firm said Friday.
The plan was revealed as another fund-of-hedge-funds firm, New York-based Thomas H. Lee Capital Management LLC, delayed its planned IPO until next year.
Ric Berman, Signet’s chief compliance officer, told Dow Jones Newswires the company hopes to raise between GBP50 million and GBP150 million, with the proceeds going into its existing $950 million Global Fixed Income Fund.
That fund, launched in 1999, invests in hedge funds specializing in various fixed-income assets and strategies, including investment-grade corporate bonds, government bonds, high-yield bonds, emerging markets debt and distressed securities.
In all, the firm manages about $1.4 billion in assets across several funds of hedge funds.
