Blackstone Group LP is planning to raise up to $2 billion for two new funds of hedge funds, according to recent reports, the Blackstone Strategic Alliance Fund LP and the Blackstone Strategic Alliance Offshore Fund Ltd. Also, according to a report, the Rothschild Group has made its fund of hedge funds tax efficient for UK investors by launching a preference share version of the fund. The Nemrod Sterling Fund Linked Preference Share fund launched on the Channel Islands stock exchange at the end of last month. Finally, Integra Investment Management announced the launch of their new hedge fund, the Integra FX2 Master Fund L.P., with which $10 million of their own money at launch; the new hedge fund opened its doors on April 2007.
G Squared Group Asset Management has teamed up with hedge fund services provider VanthedgePoint Group LL by purchasing a 10% minority stake and is launching a fund of hedge fund comprised solely of its emerging manager clients.
Hedge Fund Ritchie Capital Management, as part of a liquidation plan, is selling a significant portion of its assets in its Multi-Strategy Fund for $1 billion to New York City-based Reservoir Capital Group. Ritchie Capital, which oversees about $2.8 billion including borrowed money, will liquidate its Multistrategy Global Fund and return cash to investors. The company told investors that the Ritchie Capital Management flagship multi-strategy hedge fund had about $730 million in assets in mid-2006.
Petter Hoffstrom, CFO of Scandinavian hedge fund of funds Amanda Capital PLC announced that several of its investment companies were sold, generating a cash flow of over EUR 1 million ($1.3 million) for Amanda. The Amanda Capital Group is a private equity investment company. Its parent company (Amanda Capital PLC) is the first publicly listed private equity hedge fund of funds in Scandinavia. The company has investments in 24 different private equity funds and in three funds of funds managed by Amanda. It is one of Finland's largest private equity fund investment management companies. In addition to its own investments, Amanda manages several private equity fund portfolios that are under consultancy agreements.
Amanda also manages five private equity hedge funds of funds, which have several domestic and international investors. Amanda Group currently has more than EUR 1.3 billion ($1.7 billion) in assets under management and they have made investments in more than 100 private equity funds in Europe, the United States, Asia and Russia.
The author writes about Hedge Funds and blogs at http://www.hedgefunds-weblog.com.
