Tue, 26/06/2007 - 06:57
Thames River Capital has announced plans to raise up to GBP100m through an issue of sterling-, euro- and US-dollar denominated shares in the Thames River Hedge+ fund of hedge funds, currently the only cell on the Thames River Multi Hedge PCC protected cell company platform. The offer could double the size of the fund.
The placing and offer for subscription, which will close on July 16, has been launched in response to demand from existing and new investors following the robust performance of the fund, which has been ranked top of its peer group over the three years to the end of April, according to ABN Amro, and which returned 38.67 per cent over the 36 months to May 31. Cenkos Securities is acting as corporate finance adviser and placing agent to the issue.
Managed by head of multi-manager Ken Kinsey-Quick and Alex Kuiper, Thames River Hedge+ was launched in February 2004 with the aim of achieving absolute returns in excess of 10 per cent per annum through investment in a portfolio of directional and non-directional hedge funds. A closed-ended Guernsey protected cell company, it is listed on the Channel Islands and London stock exchanges and had a market capitalisation of GBP88.2m as of June 21.
Thames River says the issue of C shares will benefit the fund by broadening its investor base and therefore potentially improving liquidity for all shareholders. Increasing the market capitalisation of the company following the conversion of the C shares will spread the fund's expenses over a wider shareholder base.
Says Kinsey-Quick: 'Our investment objective is to produce attractive absolute returns relative to the level of risk assumed, through a dynamic multi-manager approach by investing in absolute return-orientated funds worldwide whose managers employ a variety of investment strategies across all asset classes. Over the past three years we have more than met that objective and the C share issue answers on-going demand for this form of investment vehicle.'
Thames River, which was established in 1998, and its affiliate Nevsky Capital managed more than GBP5.5bn at the end of May in multi-manager hedge funds, property funds, Ucits III funds, and long/short funds investing in emerging market, European and Japanese equities, global credit markets and OECD sovereign bonds. The firm has 126 staff including 72 investment professionals.
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