Deutsche Asset & Wealth Management acquires USD85m of illiquid hedge funds
Deutsche Asset & Wealth Management's (DeAWM) Aggregator Solutions fund has recently acquired a USD85m portfolio of illiquid hedge funds from a Swiss asset manager.
The fund closed in August 2013 with commitments from professional investors of USD1bn.
The Aggregator Solutions fund has now either acquired or had bids accepted on positions with a net asset value of more than USD400m from professional investors since it launched in October 2012. The fund was set up to invest in illiquid or lower-liquidity hedge funds, particularly in situations where market conditions make it difficult for investors to redeem their holdings.
Magnus Lorrain-Smith, head of hedge fund secondaries at DeAWM, says: "This acquisition adds a diversified pool of hedge funds to Aggregator Solutions' portfolio. At the same time, it provides locked-up investors with liquidity.”
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