Funds
The Canada Pension Plan Investment Board, Canada’s largest pension fund, will seed more startup hedge funds this year as part of a plan to diversify its investments, according to a report by the Financial Post.
The CPPIB, which manages $570 billion in assets, will spread funding among more firms as part of its emerging manager programme by reducing the starting amount they invest with each fund. Each will receive amounts starting from US$50 million, down from US$100 million, a person familiar with the matter said.
The move comes as startup hedge funds face an increasingly launch environment, with larger multi-strategy
TOP STORY: Hedge funds are dumping short positions at their fastest pace since January as returns continue to lag the MSCI and bets on a recession continue to falter, according to a report by Reuters.
Activist hedge fund Elliott Investment has acquired a stake in US drug manufacturer Catalent, after the New Jersey-headquartered, NYSE-listed company saw revenues plunge in the first quarter. Elliott is pushing for changes on Catalent’s board after Catalent’s Q1 fell 19%, according to a report by the Wall Street Journal.
Catalent – which conducts outsourcing work for large pharmaceutical companies – had earlier delayed its results announcements three times and slashed its annual revenue forecast for the second time.
During the COVID-19 pandemic, Catalent was contracted by several companies including AstraZeneca, Johnson & Johnson and Moderna to fill vaccine vials at plants
GROW Investment Group, a China-based investment firm backed by Julius Baer Group and Navigator Global Investments, is looking to raise $50 million to buy stakes in domestic hedge fund managers.
Odey Asset Management’s Absolute Return fund is to reopen as the London-based hedge fund firm prepares for the transfer of manager James Hanbury to a rival firm in the aftermath of multiple allegations of sexual misconduct against Odey founder Crispin Odey, according to a report by the Financial Times.
The Arini Credit Master Fund, a $2.2bn hedge fund run by former Credit Suisse European debt specialist Hamza Lemssouguer, has racked up an 18% gain in the first half of the year, on the back of a 5.7% return in 2022, according to a report by Bloomberg.
The report cites an investor document seen by Bloomberg as revealing that assets at the firm, which Lemssouguer started last year with around $1bn from investors including Squarepoint Capital, have since almost tripled to $2.9bn.
The fund’s H1 gain is comfortably ahead of its peer group with credit hedge funds tracked by Bloomberg
Jonas Diedrich and Dave Sutton, former traders at Citadel, have raised $1.85bn for their new London-based hedge fund Ilex Capital Partners, exceeding their initial $1.7bn target, and making the new fund one of the biggest debuts of the year, according to a report by Bloomberg.
Davidson Kempner Capital Management has closed its Davidson Kempner Opportunities Fund VI, which will target investments in less liquid, longer-duration situations arising from capital dislocations, motivated sellers, and substantial asset or structural complexity, with $3bn in capital commitments.
The five previous vintages of the fund have collectively invested over $10bn since the strategy’s inception in 2011. The funds are diversified across geographies, industries and investment types, including corporates, real estate, structured products, infrastructure and hard assets.
DK Opportunities Fund VI is co-managed by Yoseloff and Conor Bastable, Managing Member, Global Credit, and is supported by a 113-person credit investing team
New York-based hedge fund firm Fir Tree Partners is looking to capitalise on the turmoil seen in the digital assets market over the past year or so by launching a hedge fund that will make investments in distressed crypto assets, according to a report by CoinDesk.
The report cites an email seen by CoinDesk as confirming that The Fir Tree Digital Asset Opportunities Fund will launch on 1 August.
Fir Tree, which has previously dabbled in crypto through an attempt to short Tether’s USDT stable coin, believes it can leverage its experience in credit, capital structure arbitrage, distressed, special situation
Some of the world’s biggest macro traders slumped in the first six months of the year, with Andrew Law’s Caxton Macro hedge fund and Jeff Tallinn’s Element Capital Management among the big name managers seeing first half losses, according to a report by Bloomberg.
