Does loyalty lie with the lawyer or the law firm?
Big changes were afoot in the London hedge fund legal scene last week, after New York-based Akim Gump swooped on Simmons & Simmons
03/02/2010
Culross launches new illiquid strategy fund
Culross Global Management, the London-based fund of hedge funds (FoHF) specialist, has started the year with a $50m launch designed to capitalise on the burgeoning market for illiquid assets.
The Culross Long-Term Alpha Segregated Portfolio, which was seeded with capital from a selection of existing Culross clients, began trading on 1 January 2010.
“We think there are a variety of ways to capitalise on the circumstances where assets are less than perfectly liquid,” Culross partner Chris Keen told HFMWeek.
“The idea was to create an investment pool with capital that is long term enough to buy those assets with return profiles that are lumpy and uncertain as to timing. Distressed credit is a good example.”
The fund currently has 7 managers, with the capacity for 15, while a handful of secondary market investments have been made by Culross directly.
Initial planning for the fund began in late 2008, as reported by HFMWeek in December of that year. Long-Term Alpha is the firm’s fourth FoHF.
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Editor's view: 8 February 2012
Speculative moves, a perceived landgrab and a potential bidding war in the hedge fund sector have all opened up in recent weeks
Comment: Julian Korek
"Advisers need to be analysing key considerations and determining where they fall in the spectrum of SEC registration; no easy task given the scope of the legislation"
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