According to a letter obtained by HFMWeek, the firm will contemplate debuting the ORBE Latin America Fund, which invests in long-only public equities in the region. Up to 25% of the portfolio will invest in PIPEs (private investments in public equities).

Anticipated to have ten investors by year-end, the fund is expected to grow to $20m by the end of the first year and $100m by the end of the third. Primarily fund of hedge funds (FoHF) managers and ERISA investors will allocate to the offering. Investors will have the option of picking from various share classes, all of which have different fees, lock-ups and redemption periods. In the first year, the fund will have two or three share classes and in the subsequent years, it will have five or six.

ORBE Investments was founded in 2003 by Fernando Camargo Luiz, Fabio Figueiredo Carvalho and Flavio Rissato Adorno. Luiz worked in the international operations division of Unibanco’s investment bank and at ABN Amro’s Brazil asset management division. Carvalho was formerly with Fama Investments. Adorno was previously employed with Bain & Co.

ORBE’s maiden hedge fund, the ORBE Brazil Fund, a long bias offering, returned 48.20% last year.
Orbe Investments manages a suite of long-only products including Orbe Value FIA, Orbe Supra FIA, Orbe Brazil Fund (offshore) and TRX Realty I FIC de FIM. The firm is also an investor in TRX Realty.