Thu, 07/02/2008 - 06:00
Arrow Hedge Partners and Marret Asset Management have launched a hedge fund incubator vehicle, Accelerator Capital Fund, that will invest in early-stage hedge funds managed by seasoned but largely undiscovered Canadian investment managers.
The fund will seek out early stage hedge funds that use a variety of alternative investment strategies, including long/short equity, relative value, event-driven and global macro. Accelerator has secured commitments of some CAD150m from institutional investors, including a Canadian bank, a pension fund and a wealth management firm on behalf of individual high net worth investors.
'Both Arrow and Marret have extensive experience in identifying top hedge fund managers and in seeding and managing early stage hedge funds,' says Marret president and chief executive Barry Allan.
'We realise that the initial capital is often the most difficult to obtain. Accelerator will provide this and more, including operational and risk management support and capital-raising assistance. We're pleased to put our collective experience and resources to work.'
Arrow managing director and chief executive Jim McGovern says: 'Accelerator is the first fund of its kind in Canada, and we believe it will give investors unparalleled access to the next generation of top-flight Canadian investment managers. We anticipate seeding up to 10 managers.'
Peter Rizakos has been appointed president of Accelerator Capital Management, the manager of the fund, and will oversee its investment and operational activities. He has more than 20 years' experience in the financial services industry as a securities lawyer and a senior executive in the fund industry.
Arrow Hedge Partners specialises in providing clients, including family offices, institutions, pension funds and high net worth individuals, with access to high-quality hedge fund managers and multi-manager funds of funds, and is a substantial co-investor in its own funds. Headquartered in Toronto with sales offices in Vancouver, Calgary, Montreal and Geneva, Arrow currently manages assets of more than CAD1bn.
Founded by Allan in 2000, Marret is a specialty credit-oriented fixed income manager based in Toronto that manages more than CAD1.6bn on behalf of high net worth, retail and institutional investors, including some CAD450m in high-yield hedge funds.
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