Editor's view: 4 March 2010
Pardoned by De Larosière, the G20, and, last week, the FSA. If we didn’t know it 12 months ago, we certainly should all be cognisant now that hedge funds played no role in the carnage of 2008
02/07/2009
Laurus Capital to launch hybrid fund offering
Laurus Capital Management, an over $1.4bn asset-based lending manager that focuses on small-cap and micro-cap companies, will launch a hybrid offering in August, according to Dennis Pollack, partner.
The Certus Opportunity Fund will combine the firm’s background in asset-based investing and private equity to opportunistically make direct investments in collateralised securities and receive substantial or controlling equity stakes issued by distressed micro- and small-cap companies.
Pollack said Laurus decided to launch the Certus Opportunity Fund in response to many small companies struggling with liquidity.
“In these very difficult economic times, we’re seeing many micro-cap companies running out of money and being forced into bankruptcy,” he said. “Why? Because they are having their credit lines pulled or severely squeezed by their banks. We can help many of these distressed companies that are struggling with liquidity.”
Pollack added that the largest three investors with investments over $25m each receive a 2% ownership of the investment manager of the Certus funds. An investor’s account value must exceed $25m for a minimum of three years, with the investor forfeiting its equity stake if its investment falls below $25m due to redemptions within the three-year period.
Certus will be seeded by the fund managers and has a target size of $150m. Once it reaches that figure, a new fund will launch.
David Grin, co-founder of Laurus is the fund’s portfolio manager. Previously, he was an investment manager and chief financial analyst of Union Capital Markets and Union Enterprises, the venture capital arm and underwriting operation of Union Bank of Israel, respectively.
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Weekly liquidity, not the only option?
The all-consuming craze for managed accounts hasn’t taken over the industry yet, but the way it is going, it won’t be long before it does.
Comment: Julian Korek
"As if the increase in supervisory resources were not enough, the FSA is actively looking to set examples"
HFM European Performance Awards shortlist announced
HFMWeek is pleased to announce the shortlist for the HFM European Performance Awards 2010. Considering 2009’s broadly positive results, all of the successful candidates enjoyed a particularly
stellar year and thoroughly deserve their moment in the spotlight. HFMWeek looks forward to hosting all the shortlisted candidates at London’s Hurlingham
Club on the 25 March, where the winners will be revealed.
A promising year ahead for emerging managers
The demand for emerging hedge fund managers is continuing to grow, especially among institutional investors, the January edition of Preqin's Hedge Fund Investor Spotlight reveals.
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24/03/2010
UK: Developments in managed accounts
This month’s HFMWeek Subscriber Club breakfast, in association with Advent, will take place on Wednesday 24…
25/02/2010
US: European FoHF managers in the US market
This month’s HFMWeek Subscriber Club breakfast will take place on Thursday 25 February. Join us…
22/10/2009
European Performance Awards
An event that celebrates hedge funds and funds of hedge funds that have outperformed their peers.
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