Cheyne Capital Management (UK) says the Cheyne European Event Driven Fund exceeded its first round target of USD100m in assets under management by 1 August, raising the majority of the capital from new and existing investors in just two months.
The fund has delivered 11 months of consecutive positive performance since launch in October 2009 including during the difficult months of May and June and credits its performance to its European location and specific mid cap expertise.
The firm continues to see opportunity in the liquid European equity and credit spaces where a lack of other European based funds and proprietary desks has reduced the competitive environment.
The fund invests predominantly in liquid hard catalyst European credit and equity situations and seeks return in excess of 20 per cent. Despite a lower number of high profile large cap European M&A transactions than was originally forecast for 2010, Cheyne continues to see significant opportunity in the mid cap arena.
The fund is managed by Simon Davies, head of event driven, and Michel Massoud, co-manager of event driven.
Chris Goekjian, chief investment officer of Cheyne, says: “We are delighted for the fund to have passed this milestone of performance and AUM and are very excited about the forthcoming prospects in a space where we have significant experience and intellectual capital.“